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Russia continues reducing oil output within OPEC+ agreements in May — Novak

Russia has committed to reducing production by 451,000 barrels per day in Q2, the minister noted

ST. PETERSBURG, June 6. /TASS/. Russia continued reducing oil output within OPEC+ agreements in May, with the scale of reduction to become clear roughly within a week, Deputy Prime Minister Alexander Novak told reporters on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

"Our reduction against April continued in accordance with our OPEC+ agreements," he said.

"I cannot provide a precise figure, roughly one more week is required," Novak said when asked about the scale of reduction.

Russia has committed to reducing production by 451,000 barrels per day in Q2, he added.

Moscow currently sells oil and petroleum products at market prices considering market discounts that have substantially fallen, Novak noted.

"The decisions that have been made by Russia meaning the president’s decree on not using price restrictions in contracts on supply of oil and petroleum products, are fully executed by our companies, which is why we sell our products at market prices considering market discounts that have already fallen substantially by now," he said.

Asked about possible oil prices, Novak said: "Analysts project $80-85 per barrel, this is the range that formed in the first five months, and overall it is close to yearly estimations."

The St. Petersburg International Economic Forum (SPIEF) is being held on June 5-8. This year’s theme is "The Formation of New Areas of Growth as the Cornerstone of a Multipolar World." Scheduled events include meetings for small and medium-sized businesses, creative industries, the SPIEF Youth Day, as well as the Drug Security, SPIEF Academy and SPIEF Junior forums. SPIEF is organized by the Roscongress Foundation. TASS is the information partner of the event.

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