Putin says OPEC+ deal should be complied with by all participants

It is important that the new OPEC+ oil production limiting deal is complied with by all its participants, Russian President Vladimir Putin said on Wednesday at the meeting with Cabinet members.

"It is important that everyone executes the agreements reached. There should be an ongoing contact with all the colleagues, mainly with leading players," Putin noted.

The president extended an appreciation to Russian Energy Minister Alexander Novak and his colleagues for the work completed in this sphere. "I saw how you worked in this area. This is your common result," the head of state added.

OPEC+ participants managed to finalize the oil production limiting deal on April 12. It stipulates the oil production cut by 9.7 mln barrels per day in total in May-June 2020, by 7.7 mln barrels per day in July-December 2020 within the alliance framework, and by 5.8 mln barrels daily in January 2021-end of April 2022. 

Russia will lower its daily oil production by 2.5 mln barrels daily from the base level of 11 mln barrels. Deal parameters can be revised in December 2021.

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