Novak: OPEC + deal in November completed by more than 100%

Novak: OPEC + deal in November completed by more than 100%

The deal to cut OPEC + oil production in November 2020 was completed by more than 100%, Russia’s Deputy Prime Minister Alexander Novak said at a press conference following the meeting of the OPEC+ countries.

"We have summed up the results of the deal’s execution for the previous period, which is November. The level was very high - over 100%," TASS cited him as saying.

Novak noted that the OPEC+ countries demonstrate their commitment to the implementation of the decisions.

The deputy PM also said Saudi Arabia's decision to further cut oil production in February and March as part of the OPEC+ deal was a New Year's gift to the global oil market.

The OPEC+ countries agreed on the oil cuts parameters in February and March, which will amount to 7.125 mln bpd. Now the countries of the alliance are cutting production by 7.2 mln bpd against the base level. Russia and Kazakhstan in February and March will increase production by 75,00 bpd - by 65,000 bpd and 10,000 bpd, respectively. This increase in production will be offset by proportional and voluntary production cuts by Saudi Arabia.