Russia in May reduced oil production under the OPEC + deal to 8.59 million barrels per day, the Ministry of Energy said.
“Under the OPEC + agreement, in May 2020, the average monthly oil production in Russia amounted to 8.59 million barrels per day,” the press service said.
Russia, by agreement, should reduce production by 2.5 million barrels per day from 11 million barrels to 8.492 million barrels per day. Thus, Russia completed the deal by 98.8%.
The OPEC + agreement came into force on May 1. It implies a reduction in oil production by the alliance countries by 9.7 million barrels per day during May – June. Russia and Saudi Arabia should reduce production by 2.5 million barrels per day each from a level of 11 million barrels. The remaining countries are reducing production from the level of October 2018. The agreements will be valid for two years (until the end of April 2022), but from July to December 2020 the reduction will be 7.7 million barrels per day, from January 2021 to April 2022 – 5.8 million barrels.
Parameters of the transaction may be revised in December 2021.
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