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News // Middle East and OPEC

Russia says it's doing more than it needs to for oil market balance

14 September 2017 , 10:14Neftegaz.RU307

Russia is doing more than it needs to in order to move the level of oil on the market closer to the 5-year average, state media reported on September 13, 2017.

 

The OPEC in January started implementing an agreement to curb production in an effort to draw the global level of crude oil inventories closer to the 5-year average.

Russia is the largest contributor to the agreement among non-OPEC members.

 

«Russia in August fulfilled the agreement by 105 %, reducing production by 316,000 barrels with a quota of 300,000 barrels per day», TASS reported.

 

Total production from OPEC was down last month for the 1st time since March.

Production from Saudi Arabia, the largest OPEC producer, remained about the average for the 2nd quarter.

 

Russian oil production is holding steady, but still represents a slight increase from the average last year.

Tass reported the average level of compliance among non-OPEC members was around 68 %.

 

The Russian economy, meanwhile, contracted last month because of pressure in some of the non-oil sectors.

The Economic Development Ministry reported growth in gross domestic product in July was 1.5 %, which marks a slight slowdown, but still an improvement from the negative GDP from last year.

 

Russia's Central Bank said there were some short-term inflationary risks because of lingering uncertainty in the commodity market, but those risks were subdued by commitments to balancing supply-side strains through an OPEC-led production agreement.

 

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