Russia's compliance with OPEC, non-member deal at 95% in May

Russia's compliance with the agreement on the reduction of oil production, signed by the member states of OPEC and non-OPEC producers, reached 95 percent in May, Bloomberg reported, citing Russian energy ministry data.

Oil output averaged 10.97 million barrels a day in May, almost unchanged from April. In March, the compliance rate stood at 93 percent.

Last month, Russia and Saudi Arabia said they plan to start increasing supplies in the second half of 2018 in response to a surge in crude prices.

OPEC and its allies have curtailed production by 1.8 million barrels per day until the end of 2018 to stabilize global oil prices. However, they are scheduled to meet in Vienna this month to discuss the future of their landmark 2016 accord.