ST. PETERSBURG (Sputnik) — Russia has cut oil production last month by 305,800 barrels per day against the October 2016 threshold, thus exceeding its compliance with the Vienna Agreement, Russian Energy Minister Alexander Novak said Thursday.
"May production fell by 305,800 barrels per day against October, in other words more than the deal," Novak told reporters, referring to Russia's pledge to cut output by 300,000 bpd as part of the November 2016 Vienna Agreement.
In May, OPEC and non-OPEC countries extended their commitments by nine months until the end of the first quarter of 2018.
Novak spoke to reporters at the St. Petersburg International Economic Forum (SPIEF), where Sputnik is the official media partner.
