"Now we have an average of 305,000-308,000 [barrels per day]… So, Russia fulfills its obligations… It has already been two months since we reached the level," Novak told reporters.
In late 2016, OPEC and a number of non-cartel oil producers reached an agreement in the Austrian capital of Geneva to cut oil output by a total of 1.8 million barrels per day from October's level. The deal was made for the first half of 2017 in an effort to boost global oil prices.
In addition to OPEC, the agreement was also supported by 11 non-OPEC states, which promised to jointly reduce oil output by 558,000 barrels per day. Russia pledged to cut production by 300,000 barrels daily.
On May 25, the oil production curtailment agreement was extended for nine months until April 2018.