Russian oil output is down 307,600 barrels per day, compared to October levels, according to the speech of the country’s oil minister on August 1, 2017.
«At the end of July 2017, the reduction of oil production stood at 307,600 barrels a day as compared to October 2016,» Minister Alexander Novak told reporters. «Therefore Russia is meeting is obligations on lowering production.»
A week ago, Novak had said Russian cuts totaled 308,000 bpd in June.
OPEC and non-member partners agreed to extend the agreement through March 2018 in late May, but the news has not translated to substantially higher barrel prices.
High output from Libya, Nigeria, and the United States has offset the intended effect of the cartel’s production cuts.
Nigeria recently announced its intention to limit output at 1.8 million, once its national production recovers to that level later this year.
Oil prices are doing better now than they were in June, when they reached a 7-month low below $45.
Novak also previously emphasized that over the last 6 months, global crude oil supply has shrunk by 350 million barrels thanks to OPEC’s production reduction deal.
The minister spoke at a summit in St. Petersburg tasked to track the progress of the agreement.
Compliance to the output cuts on the OPEC side has been above 100 % for the past few months, though export levels amongst Saudi Arabia, Iraq, and Iran have fluctuated in the fight to keep market share as American distributors carve out their own customer base.