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OPEC and its allies complied with the Vienna agreement at 129% in August. Russia’s Energy Minister Alexander Novak told reporters.
The Russian energy minister has arrived in Algeria to attend a meeting of the so-called OPEC+ group’s monitoring committee.
`It was 129% in August.` Novak said refusing to make any statements on Sunday’s agenda.
`We have come here to discuss the situation on the market.` he said adding that a draft agreement on OPEC+ cooperation beyond 2018 would be also on the table.
Compliance with supply cuts was 109% in July. The OPEC+ countries agreed to ease production restrictions to achieve 100% compliance with quotas from the previous 150% The countries will increase pumping by one million barrels.
On Sunday. a meeting of the Joint Ministerial Monitoring Committee will be held in Algiers. The ministers are to discuss how to review output data. and mainly. how to determine their shares in quotas to meet the June target.
At the last meeting in Vienna in June. the committee recommended softening existing restrictions and raising production by 1 million barrels per day due to the decline in production in countries such as Iran. Venezuela. Mexico and Libya. The committee also sums up the current results of the deal. In July. the oil production cut agreement was fulfilled by 109% of the plan.
In June. the ministers agreed on the increase in production in general but did not agree on quotas of oil production recovery for specific countries recovery quotas. since not all the countries participating in the agreement have free capacities for production growth.
