OPEC to reach 100% implementation of deal in September-October - Russian energy minister
Russian Energy Minister Alexander Novak.
Algiers - TASS
OPEC member countries are expected to reach a 100% implementation of the deal already in September-October, Russian Energy Minister Alexander Novak said on Sunday.
"I think we will be able to reach this level (of 100%) already in September-October," he said.
In August, the index of implementation was 129% and it was 109% in July.
According to Novak, Russia is capable of not only regaining former oil production volumes but even increase it in excess of the quota. "We have capacities to regain oil production and event to increase it. I think it can be several hundred thousands of barrels," he said.
In the past six years, Russia increased daily oil output by 100,000 barrels, he said, adding that the exact volume of growth would depend on "companies’ investment plans and the market situation.".
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