Russia in July have increased production by 80% reduce transaction OPEC+

© RIA Novosti / Vladimir Fedorenkova in fotomancer of energy of Russia Alexander Novak at the plenary session of the Federation Council of the Russian Federation in Moscow. 13 July 2018Russia in July have increased production by 80% reduce transaction OPEC+© RIA Novosti / Vladimir Fedorenkova the image Bank

Oil production in Russia in July has been restored to 80% of the volume reduction, which was secured by a country under the agreement, OPEC+, said the head of the Ministry of energy Alexander Novak at the government hour in the Federation Council.

«At 1 million barrels, we agreed to increase production. We, following this decision, in July two-thirds around, even at 80 percent, has restored production from the reduction, which was» — said Novak.

OPEC and several non-organisation countries (OPEC+) agreed in late 2016 in Vienna on the reduction of oil production to 1.8 million barrels per day from the level of October 2016, of which 300 thousand are in Russia. The deal started from the beginning of 2017 and is valid until the end of 2018. In June 2018 OPEC+ agreed goal is to escape from the fulfillment of the agreement. As said the energy Ministers of Russia and Saudi Arabia, in practice, this would mean increasing production by 1 million barrels per day, including Russia 200 thousand.

Earlier on Friday, Novak said that the reduction in the production of oil according to the OPEC deal+ in June amounted to 120 thousand barrels per day from October 2016. This corresponds to increase production by 180 thousand barrels per day from the level of 100 percent implementation of the agreement with Russia, that is, a reduction in oil production by 300 thousand barrels per day. The same Minister announced the restoration of production in July to 80%, respectively, it means an increase of 240 thousand barrels per day from the full implementation of the Vienna deal.

Earlier Novak said that Russia is ready to increase its oil production and more than 200 thousand barrels per day, if it is necessary to achieve the common goal of OPEC+ to increase production to 1 million barrels.

Russia in July have increased production by 80% reduce transaction OPEC+Go to photobacteria oil revenues and other revenues