Russia will not increase its oil yield in August ::

Russia will not increase its oil production in August

Photo: Reuters

Russia will maintain the level of oil extraction in July under the OPEC Plus Agreement in August. This was announced by the Russian Minister of Energy Alexander Novak, reported TASS, quoted by BTA

"I think we will go to the indicators in July when our volume returns to 259,000 barrels, and in August, based on these existing dynamics, these figures will be maintained," said Novak.

It was previously reported that Russia has increased its revenues compared to July, thus restoring the bulk of the 300,000-tonne quota that it has reduced under the agreement.

At the end of June OPEC plus countries decided to return to the 100% implementation of the mining restriction and it was decided to increase the yield to 1 million barrels per day.

The deal to reduce the yield ran for several months. Russia has committed to reduce production by 300,000 barrels per day from October 2016, when the official data production of the Ministry of Energy amounted to 11,247 million barrels per day.

During today's meeting, the OPEC Technical Committee and the agreement on the reduction of oil extraction between the parties to the cartel and the producers of black gold outside it are discussed.

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