Russia achieves oil export cuts pledged to OPEC+, Novak says

Russia carried out its pledged cuts in overseas supplies of oil, according to Deputy Prime Minister Alexander Novak. 

Moscow, in coordination with the Organization of Petroleum Exporting Countries and its allies, has pledged to deepen cuts in oil exports to 500,000 barrels a day in the current quarter compared with the average in May-June. That includes curbs in daily exports of crude oil by 300,000 barrels and refined products by 200,000 barrels.

“Of course, we reached that,” Novak said on Saturday in Moscow, Interfax news agency reported. 

The OPEC+ Joint Ministerial Monitoring Committee is set to hold an online meeting next week to discuss  oil output policy. The alliance isn’t planning to make any changes, according to several delegates from the group. 

“The oil market is balanced now thanks to OPEC+ actions,” Novak said. “That’s why the situation is under control.”