SZO - Why Russian Compliance With The Last And Latest OPEC+ Agreements Is Doubtful
Source: OPEC.
At the OPEC Joint Press Conference on December 7, 2018, Russian Energy Minister Alexander Novak said his country had agreed to reduce its production by 228,000 b/d from the October level. Production had surged to its highest point (11.418 million barrels per day) ahead of the sanctions to go into effect on Iran in early November. He also explained that the cut would be gradual, as it had been before, referring to early 2018, given the climatic and technological differences in the Russian oil industry.
Throughout 2019, Russia failed to make the cut