Tags: APFN | EU | Oil | OPEC

Russia Calls for Tighter Compliance with Oil Output Cuts

Monday, 24 July 2017 07:38 AM

MOSCOW (AP) — Russia's energy minister has called on major oil producers to show greater discipline in sticking to output cuts aimed at raising the price of crude.

Following a meeting of OPEC and non-OPEC countries in the Russian city of St. Petersburg, Alexander Novak says "despite the high level of compliance with the agreement, we insist on all countries fulfilling their obligations 100 percent." The comments were reported by Russia's RIA Novosti agency.

Oil prices have stayed below $50 per barrel in recent weeks amid claims that compliance with the lower production levels was slipping.

The International Energy Agency said compliance fell to 78 percent in June, against 95 percent the previous month.

High U.S. output has put pressure on oil prices, as have production increases in OPEC members Libya and Nigeria.

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Russia's energy minister has called on major oil producers to show greater discipline in sticking to output cuts aimed at raising the price of crude.Following a meeting of OPEC and non-OPEC countries in the Russian city of St. Petersburg, Alexander Novak says "despite the...
APFN,EU,Oil,OPEC
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2017-38-24
Monday, 24 July 2017 07:38 AM
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