Russia plans to guarantee 100% compliance on the production cutback in October, Energy Minister Alexander Novak told reporters on the sidelines of the Russian-Saudi Investment Forum on Monday, APA reports citing TASS.
"In October will be 100%," he said when asked whether Russia would implement the crude production cap deal this month.
In September, Russia reduced oil output by 200,000 barrels per day, though its quota within the agreement is 228,000 barrels. Russia exceeded its quota within the OPEC+ agreement in May-July as crude transit was suspended due to the contamination of oil in the Druzhba oil pipeline. In August, companies restored production as the system was cleaned, Novak reported earlier.
The OPEC+ production reduction pact aimed at stabilizing crude prices is valid until the end of March 2020. In total, the countries participating in the agreement should reduce production by 1.2 mln barrels per day to the level of October 2018. Under the deal, OPEC and non-OPEC nations are obliged to cut their oil output by 812,000 and 383,000 barrels per day, respectively.