Here’s the truth about Russia’s OPEC cuts

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In December 2016, Russia joined OPEC in a pledge to cut oil production by roughly 1.2 million barrels per day.

And for the first quarter of 2017, OPEC largely made good on its pledge. It produced 1.1 million fewer barrels of oil per day in the first quarter of 2017 than it did in the final quarter of 2016.

But Russia has arguably misrepresented how closely it has adhered to the December agreement. Russian Energy Minister Alexander Novak has said Russia met its promised cuts of 300,000 barrels per day. Russian Energy Ministry statistics suggest that number may even be 400,000 barrels…

 

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Posted in: Daily News

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