Russia’s compliance with the oil output deal, agreed by the world’s top oil producers, known collectively as OPEC+, was at close to 100% last month – much higher than it was in April, Deputy Prime Minister Alexander Novak said.
“It will be much higher than in April. Close to 100%,” the official said on the sidelines of the St. Petersburg International Economic Forum.
According to data published by the International Energy Agency, Russian compliance in April was at 91%.
Russia had been slashing oil production under the terms of the deal, but the latest agreement allowed the nation to gradually ramp up its output from January onwards, so producers increased their output by 125,000 barrels per day (bpd) in the first month of the year. From February to April, oil production was raised by another 130,000 bpd.
From May through July, the output level may grow by a further 38,000 bpd.
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