Russia outperforms OPEC+ deal in July: report

Russia outperformed its crude production quota within the OPEC+ agreement in July as it slashed output by 290,000 barrels per day compared with October 2018, TASS reported, citing energy minister Alexander Novak.

“In August 2019, Russia plans to maintain crude production at the levels stipulated by the OPEC+ (deal)," he added.

Russia agreed to cut crude production by 228,000 barrels per day in the first half of 2019 compared with October 2018 when it amounted to 11.421 million barrels. It exceeded its quota by 27.2 percent.

OPEC+ countries agreed to reduce crude production by 1.2 million barrels per day, of which 812,000 barrels accrue to OPEC countries and 383,000 barrels to non-OPEC states.