BREAKING

Russia 'fully committed' to OPEC+ agreements

By Al Mayadeen English
Source: Agencies
4 Aug 2023 18:28

Moscow says it will continue 300,000 bpd voluntary oil output cuts through September.

Russian Gazprom Neft's oil refinery on the outskirts of Moscow on April 12, 2022 (AFP)

Russia is fully committed to agreements reached within the framework of the OPEC+ alliance, Russian Deputy Prime Minister Alexander Novak said on Friday.

Russia is "fully committed" to agreements reached during the OPEC+ meeting, Russian Deputy Prime Minister Alexander Novak said on Friday.

The consortium of the world's largest oil powers announced following discussions earlier in the day that no recommendations were introduced to change the current oil output quotas.

Members of the energy group agreed in June to cut oil outputs to 40.463 million barrels per day throughout 2024.

Saudi Arabia announced earlier this week extending through September its 1 million bpd voluntary oil production cut adopted during the June meeting.

Meanwhile, Novak said Moscow will continue to voluntarily cut oil export in September by 300,000 bpd - down from 650,000 bpd announced last June.

Oil production in Russia currently sits at 9.5 million bpd.

"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, noting that the global oil market remains stable and within the acceptable demand-to-supply ratio.

The OPEC+ Joint Ministerial Monitoring Committee (JMMC) will be held on October 4, OPEC announced on Friday.

"The committee also expressed its full recognition and support for the efforts of the Kingdom of Saudi Arabia aimed at supporting the stability of the oil market and reiterated its appreciation for the Kingdom’s additional voluntary cut of 1 million barrels per day and for extending it for the month of September. The committee also acknowledged the Russian Federation for its additional voluntary reduction of exports by 300 kbd for the month of September," the statement read.