In 2016, OPEC member-states and 11 independent oil-exporting countries, including Russia, entered into an agreement to reduce oil production

Russia slashed oil production by 307,600 barrels a day against October 2016 level within the framework of the OPEC+ deal in July 2017, Energy Minister Alexander Novak told reporters on Tuesday.

“Oil production cut totaled 307,600 barrels per day as of July 2017 end versus October 2016. Therefore, Russia honors all the undertaken commitments to reduce production,” Novak said.

In late 2016, OPEC member-states and 11 independent oil-exporting countries, including Russia, entered into an agreement to reduce oil production. According to that agreement, during the first half of 2017 the participants were to withdraw 1.8 million barrels per day from the oil market in comparison with the level of October 2016.

In May, at the meeting in Vienna, the countries extended the agreement until April 2018, maintaining the previous quotas for all participants. The purpose of the agreement is to reduce global oil reserves to the average level of the last five years.

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