MOSCOW (Pakistan Point News / Sputnik - 20th October, 2020) Russia is fulfilling its obligations to cut oil production under the OPEC+ oil output cut deal close to 100 percent, Energy Minister Alexander Novak said after a meeting of the OPEC+ Joint Ministerial Monitoring Committee (JMMC).
"Russia has always been a responsible party to the OPEC+ agreement and fulfills its obligations and the quotas that were established always close to 100 percent, both now and under new agreements," Novak said in an interview with the Rossiya 24 tv channel.
The new OPEC+ agreements started in May with a reduction in oil production by 9.7 million barrels per day for three months. Since August, the alliance has continued to cut output , but less - by 7.7 million barrels per day until the end of the year, and then - by 5.8 million until the end of April 2022. The baseline is October 2018, but for Russia and Saudi Arabia, the figure is 11 million barrels per day, from which, by analogy, there is a decrease by 23, 18 and 14 percent, respectively.
