Production is ensured at the level of 9.5 million barrels of oil per day
In August and September, in order to maintain stability on the world market together with its partners, Russia will supply less oil for export, Deputy Prime Minister of the Russian Federation Alexander Novak who co-chairs 49th meeting of the Joint Ministerial Monitoring Committee of OPEC+ countries said at the meeting according to RF Government’s press center.
The Joint Ministerial Monitoring Committee of OPEC+ countries recommended not to change the parameters of the deal on limiting oil production, adopted in June this year at the ministerial meeting of OPEC+ countries. The Committee analysed data on crude oil production for May and June 2023 and noted compliance with the terms of the deal to limit oil production. The agreement is valid until the end of 2024.
According to Alexander Novak, participants in the deal met and exceeded established quotas in June 2023. He emphasised that the deal is being implemented alongside additional voluntary reductions by nine participating countries, including Russia, in the amount of 1.66 million barrels per day. “Russia is committed to the agreements that have been reached as part of OPEC+. We are meeting our obligations in full. Production is ensured at the level of 9.5 million barrels of oil per day, which corresponds to a voluntary reduction of 500 thousand barrels per day,” said the Deputy Prime Minister.
OPEC+ members agreed to hold the next, 50th meeting of the Joint Ministerial Monitoring Committee of OPEC+ countries on 4 October 2023.