MOSCOW (Sputnik) — Russia has reduced its oil production in July by 307,600 barrels a day as compared to October 2016 levels in line with the agreement of the Organization of the Petroleum Exporting Countries (OPEC) member states and non-cartel crude producers, RNovak said Tuesday.
"At the end of July 2017, the reduction of oil production stood at 307,600 barrels a day as compared to October 2016. Therefore Russia is meeting its obligations on lowering production," Novak told reporters.
On July 24, Novak said that Russia had cut production by 308,000 barrels per day in June.
In 2016, OPEC reached an agreement in the Austrian capital of Vienna to reduce daily oil production during the first half of 2017 in an effort to boost global oil prices. The agreement was also supported by 11 non-OPEC states, which promised to jointly reduce oil output by 558,000 barrels per day, with Russia pledging to cut production by 300,000 barrels daily. In May, the deal was extended by nine months and is now valid until the end of March 2018.
Brent crude has fallen to a seven-month-low below $45 per barrel on June 21, but has since rebounded, trading above $50 per barrel last week.
