Russia Adheres to 300,000 Barrels Daily Oil Output Cut in July

Russian Energy Minister Alexander Novak said that Russia has a minus 300,000 oil barrels per day against the October level.

Oil production in Russia is averaging 10.947 million barrels per day in July, and the country adheres to its obligation to produce 300,000 barrels less oil daily than in October last year, Russian Energy Minister Alexander Novak said Sunday.

"We now have a minus 300,000 barrels (against the October level). We have been holding the minus 300,000 since May, now (oil output stands at) 10.947 (million barrels per day)," Novak told reporters, answering the question about the level of oil production in Russia in July.

In late 2016, OPEC and a number of non-OPEC countries agreed in Vienna to reduce their oil production by a total of 1.8 million barrels per day from the October level, with Russia's cut of 300,000 barrels per day. 

The agreement was concluded for the first half of 2017 with the possibility of an extension. 

In May, the deal was extended by nine months and is now valid until the end of March 2018.