Russia keep its oil extraction levels in August

August 28, 2018 7:50 amComments Off on Russia keep its oil extraction levels in AugustViews: 43

Russia oil productionRussia keep its oil extraction levels in August, under the OPEC+ quota deal. This was announced by the Russian Energy Minister Alexander Novak,.

“I think we will go up to the indicators in July, when our volume returns to 259,000 barrels. In August, on the basis of this dynamics, these figures will be maintained”, said Alexander Novak.

Earlier, it was reported that Russia has increased its yields compared to July, thus restoring the majority of the 300,000-barrel quota, which it has cut under the agreement.

At the end of June, OPEC+ countries decided to return to the 100% implementation of the oil production constraint and a decision was made to increase the yield to 1 million barrels per day.

The deal to cut the yield was running for several months. Russia has undertaken to cut production by 300,000 barrels per day from October 2016, when the production was 11,247 million barrels per day, according to the official data of the Ministry of Energy.

At today’s meeting, the OPEC+ Technical Committee discusses how the agreement on the reduction of oil extraction, concluded between the parties to the cartel and the major producers outside the cartel, is being implemented.

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