Novak offers OPEC+ pay attention to oil output outside alliance

OPEC+ needs to pay special attention to the dynamics of oil output outside the alliance, Russian Deputy Prime Minister Alexander Novak said at a meeting of the OPEC+ ministerial monitoring committee, Report informs, referring to Prime agency.

"We also need to pay special attention to the dynamics of oil output by large producers who aren’t involved in our joint actions," he said.

"Our key task should remain to ensure the 100 percent implementation of the existing agreements. The mechanism that has been working for several years is a clear example of joining efforts for the common good of a balanced market," Novak stressed.

In January, the OPEC+ countries agreed on production cuts for February and March, and only Russia and Kazakhstan will slightly increase it. As a result, the overall reduction in the deal will soften to 7.125 million barrels per day in February and 7.05 million in March. The baseline for these reductions is production volume as of October 2018, and 11 million barrels per day for Russia and Saudi Arabia.

In recent months, Saudi Arabia has been reducing production by additional 1 million barrels per day compared to January. Several OPEC+ countries will also cut their production, and taking into account their share, the total reduction by January is 1.425 million barrels per day.