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Russia Says It Complied Nearly 100% With OPEC+ Oil Deal

Russia complied nearly 100 percent with its share of oil production cuts in August as per the OPEC+ deal, Russian Energy Minister Alexander Novak said on Monday.

Independent assessments about the oil production of all members of the OPEC+ pact will be in in a week, or in five days, Novak said, quoted by Russian news agency Interfax.

"Russia is close to 100 percent, it is always close to 100 percent, but let's wait for the OPEC+ methodology to assess compliance rates," the Russian minister added.  

In August, when OPEC+ started easing the record cuts by 2 million bpd, Russia's oil production rose by 5 percent from July, to reach 9.86 million bpd, according to Reuters' estimates of energy ministry data in tons.

Russia's production figures include condensate, while the OPEC+ deal excludes it. Considering Russia's condensate production of around 700,000 bpd-800,000 bpd, and its crude oil production ceiling of 9 million bpd as of August 1, the figures show that Russia produced slightly more crude oil than its quota, according to Reuters estimates.

Referring to reports that some of the laggards in compliance in the OPEC+ deal could have the period for compensating previous overproduction extended by two months to November, the Russian minister said he was not aware of such proposals.

Last week, Iraq—which denied reports that it would seek an exemption from the deal—said that it could ask the OPEC+ panel to allow it to extend the period in which it should compensate for its lack of compliance through November, instead of by the end of September.

OPEC+ has given the laggards in compliance, such as Iraq, time until the end of September to additionally cut production on top of their share of the cuts, in order to offset the overproduction between May and July.

The Joint Ministerial Monitoring Committee (JMMC), which meets every month to assess compliance and the market situation, is meeting on September 17, and will likely discuss all those issues then, Novak said.  

By Tsvetana Paraskova for Oilprice.com

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  • Maxander on September 07 2020 said:
    As I said earlier that 100 Day Moving Average of crude oil prices is still lower by about 13% from 200 Day Moving Average technically, indicating that we still have some week's time for breakout of oil prices above 200 DMA.

    I think the present quantity of production cut should continue for several months to make sure that 100 DMA is substantially trading above its 200 DMA technically.

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