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Russia to suggest OPEC+ participants to ramp up production proportionally

Russia intends to propose that the OPEC+ countries bound by the oil production reduction agreement to roll back production to October 2016 levels chosen as a reference point in the agreement concluded in Vienna, Bloomberg informed referring to a source.

All the OPEC+ nations are supposed to proportionally share out a 1.8 million barrel-a-day increase to their output limit. "The actual boost in supply to the market would be less than that because some states, notably Venezuela, Angola and Mexico, aren't able to increase," the statement points out.

At the end of 2016, OPEC and 11 non-OPEC oil producing countries agreed to cut oil production by a total of 1.8 million bpd from the October 2016 levels (including a 300,000 cutback for Russia). The production cutback agreement is effective until the end of 2018. According to the International Energy Agency's expectations, the goal of the agreement on production cutbacks by OPEC+ countries (reduction in oil reserves in OECD countries to a 5-year average) can be achieved in May already.

"AK&M", 13.06.2018 15:05


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