April 3, 2018

Russia intends to fulfill its responsibilities under the deal of the member states of the Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC countries on the oil output freeze in April.

Russian Energy Minister Alexander Novak made the announcement on Tuesday after falling slightly short in March.

On Monday, the minister said that Russia fulfilled its responsibilities under the deal by 93.4 per cent in March, due to seasonal issues.

“We are already seeing in the first few days of April the full compliance with the agreement that means we intend to keep adhering to the agreement.

“I think we will stick to the agreement until the set goals have been achieved.

“When I say we will adhere to the agreement, it means 300,000 barrels,’’ the minister told newsmen, when asked if the compliance with the deal conditions would be at 100 per cent.

According to the agreement, Russia had to slowly decrease oil production, starting from January 2017 and, since March that year, to start capping the production level by 300,000 barrels daily, compared to October 2016.

Russia has been fully complying with the agreement since April 2017, cutting the production by more than 300,000 barrels.

OPEC and a number of oil producers that are not part of the organisation agreed in late 2016 to cap oil production in order to help the prices recover.

The agreement has been extended twice so far, with the latest extension set to expire in the end of this year.