Novak spoke about the level of performance of the transaction OPEC+

© RIA Novosti / Evgeny to Betemporary in photobacteria compressor station in the oil and gas field. Archival photoNovak spoke about the level of performance of the transaction OPEC+© RIA Novosti / Evgeny to Betemporary the image Bank

The level of execution of the transaction OPEC+ oil production decline for more than five consecutive months exceeds 100%, however, this is not a reason to relax, said the head of the energy Ministry of Russia Alexander Novak during the opening speech at the meeting of the monitoring Committee of OPEC+.

«The responsible approach of the participating countries of the Vienna agreements, many of which… demonstrate high performance and go far beyond the commitments, allows to keep the performance at a record high. The corresponding figures exceed the 100% level for five months in a row… Despite what the progress is obvious, we cannot relax. We are determined to bring balance to the end,» he said.

OPEC and several non-organisation countries (OPEC+) agreed in late 2016 in Vienna on the reduction of its oil production to total 1.8 million barrels per day from the level of October 2016, of which 300 thousand are in Russia. In November 2017, the parties extended it until 2018. The next OPEC summit will be held on 22 June 2018 in Vienna.

To monitor compliance with the agreement and develop recommendations for adjustments in the terms and conditions was created the Ministerial monitoring Committee, which meets once in two months. It includes the representatives of Saudi Arabia, Venezuela, Kuwait, Algeria, Oman and Russia.

Novak spoke about the level of performance of the transaction OPEC+© RIA Novosti, Integratiebeleid in fotomonster and objectives of OPEC

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