MOSCOW (Pakistan Point News / Sputnik - 04th August, 2023) Russia is fully committed to agreements reached within the framework of the OPEC+ alliance, Russian Deputy Prime Minister Alexander Novak said on Friday.
At the Friday meeting, the OPEC+ Joint Ministerial Monitoring Committee did not make any recommendations on changing oil production quotas. Earlier in August, Novak said that Russia will continue to voluntarily oil export cuts in September, but by 300,000 barrels per day this time.
"Russia is fully committed to the agreements that have been reached in general within the framework of OPEC+," Novak told the Rossiya 24 broadcaster.
The oil production in the country amounts to 9.5 million barrels per day at the moment, meaning that Moscow observes the oil production cut of 500,000 barrels per day that was set in past.
"We also agreed (within the OPEC+) that we will closely monitor the situation, since the state of the global market today largely depends on the uncertainties that we are seeing, economic recovery, high interest rates in many countries, high inflation levels," Novak said, adding that despite everything the global oil market remains stable, and its quotes are at the acceptable level.
