Monitoring commission to require 100% OPEC+ compliance

15:02, 24.07.2017 1 min read

The monitoring committee for the OPEC/non-OPEC oil production cut agreement will include in the meeting protocol a requirement for 100% compliance with oil production quotas under the agreement, Russian Energy Minister Alexander Novak said at a press conference following the committee's meeting.

"Overall we are seeing a high level of compliance with the [oil production cut] agreement, although some countries are not complying in full," Novak said.

"Today there was a very serious discussion on this topic. We got in touch - including in the framework of the monitoring committee - with the ministries of several countries that confirmed their adherence to fulfillment of the agreement. We made the decision today in the framework of the monitoring committee to reflect the position that, despite the high level of compliance with the agreement, we insist that all countries must fulfill 100% of the commitment they undertook in the framework of the declaration on cooperation," he said.