Russia's Compliance With OPEC-Non-OPEC Deal Stood at 95% in May

MOSCOW (Sputnik) - Russia's compliance with the agreement on the reduction of oil production, signed by the member states of the Organization of the Petroleum Exporting Countries (OPEC) and non-cartel producers, has amounted to 95 percent in May, Russian Energy Minister Alexander Novak said on Saturday.

"In May, Russia has reached a production cutback of 95 percent. Russia is fully committed to maintaining the balance in the oil market," Novak told reporters.

OPEC and several non-OPEC oil producers reached a deal in Vienna in 2016, agreeing to cut oil output by a total of 1.8 million barrels per day in an effort to stabilize global oil prices. Non-OPEC states pledged to jointly reduce oil output by 558,000 barrels per day, with Russia pledging to cut production by 300,000 barrels daily.

In late May, the parties to the agreement agreed to extend the deal until the end of March 2018. Another extension was made in late November that would make the deal remain in effect until the end of 2018.