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Mass media / Periodicals

Of the Russian Federation in July has reduced oil production relative to October 2018 to 290 thousand barrels per day

"Oil of Russia" 05.08.2019 at 12:52

Russia in July has reduced oil production relative to October 2018 to 290 thousand barrels per day in August intends to keep production at a previously agreed under the agreement, OPEC+ levels, told reporters energy Minister Alexander Novak.

"In July, Russia has fulfilled its obligations under OPEC+. By the end of July production relative to October of 2018 decreased by 290 thousand barrels in fact. In August 2019 Russia intends to maintain oil production at previously agreed within OPEC+ levels", – said the Minister, commenting on the execution of the transaction OPEC+.

OPEC+ in early July, unanimously approved the extension of the transaction for the reduction of oil production on existing terms for another nine months, until the end of March 2020. The deal OPEC and several non-organisation countries (OPEC+) reduction of oil production is valid from the beginning of 2017. For the first half of 2019 it was agreed in the amount of 1.2 million barrels per day from October 2018. Of them, Russia accounted for 228 million barrels.

Source: PRIME