Posted 20 августа 2020,, 08:07

Published 20 августа 2020,, 08:07

Modified 24 декабря 2022,, 22:37

Updated 24 декабря 2022,, 22:37

Russia has reached full execution of the OPEC+ deal

Russia has reached full execution of the OPEC+ deal

20 августа 2020, 08:07
In July, the Russian Federation fulfilled the OPEC+ deal by 97%, while in August the country reached 100% fulfillment of the obligations, said Energy Minister Alexander Novak, adding that 97% is a very high indicator.

Before that, OPEC estimated the execution of the transaction by Russia at 88%, the International Energy Agency (IEA) - at 96%, the Russian Ministry of Energy - at 99%.

Let us recall that according to the conditions, the Russian Federation was supposed to maintain oil production per hectare at the level of 8.5 million bpd in May, June and July. In August, it was possible to start increasing production - up to 9 million b / d. Novak claimed that the country will increase oil production in August by 400 thousand bpd.

Moreover, in July Russia was included in the list of five countries that violate the deal. In addition to Russia, the list includes Iraq, Nigeria, Angola and Kazakhstan. They were ordered to compensate for the failure to fulfill obligations under the agreement in August.

Note that the Russian production quota is 8.492 million b / d, but this does not include gas condensate. According to OPEC + standards, Russia produced 8.59 million bpd in May and 8.526 million bpd in June.

Let us also remind that the world oil market this year suffered a crisis associated primarily with the coronavirus pandemic and its consequences. In addition, the OPEC_ agreement was not concluded immediately, and the demand for oil fell so much that storage facilities around the world began to overflow. With the seemingly restored demand today, commodity prices are still unstable.

According to experts, prices may stabilize at $ 100 per barrel in a few years.