MOSCOW (Sputnik) — Many participating countries are reducing oil production faster and in a higher volumes than the OPEC agreement stipulates, Russian Energy Minister Alexander Novak said Sunday.
"The results of the work have exceeded, in our opinion, all the expectations, and many countries fulfill their obligations faster and in a higher volumes [than it is stipulated in the agreement ]," Novak said.
He also thanked all the participants of the agreement.
“I can say that we are pleased to note success in implementation of the [oil cut] agreement and joint actions of OPEC and non-OPEC countries aimed at stabilization of oil market… According to our assessment, the joint deal is respected by all countries and there is no doubt that the agreements reached on December 10, 2016 are being implemented," Novak said.
The committee for monitoring the reduction of oil production volumes under the OPEC and non-OPEC oil producers' deal will gather once in two months, Novak said.
“The ministerial committee will gather once in two months and before the next OPEC summit [on May 25 in Vienna] two such meeting will be held,” the minister said.
He added that during monitoring open data provided by various agencies would be used.
The Organization of the Petroleum Exporting Countries (OPEC) agreed in November 2016 to cut oil production by 1.2 million barrels per day to 32.5 million barrels per day starting 2017.
Non-OPEC countries agreed on production cuts of 558,000 barrels per day, with Russia's share totaling 300,000 barrels per day.
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