Russia also joined OPEC in 2019, but has often exceeded its output ceiling during the implementation process. Compared with its previous attitude, Russia is indeed trying to abide by its share of this ROUND of OPEC+ cuts.Earlier, Russian Energy Minister Alexei Novak said that as part of the OPEC+ deal, Russia had pledged to cut output in May and June to 8.5 million BPD from its February 2020 baseline, or about 2 million BPD from February 2020, or 19% of total output.Figures show that Russia is close to meeting its quota targets since the may deal.

The sources said the average production of Russian oil and condensate from May 1 solstice 19 was 9.42 million b/d.Excluding condensate production, Russia's average crude oil production this year is 8.72 million b/d.This is close to the 8.5 million b/d quota.In addition, Ria Novosti also quoted Russian Energy Minister Novak Novak as saying that Russia has reached the production level promised in the OPEC+ agreement by cutting output by 2 million barrels per day.Although the country agreed to cut crude oil production by 2.5 million barrels per day in May and June, the total figure also includes condensate.Russia produces about 700,000 b/d of condensate.

Around the world, producers have so far reduced global oil supply by 14 million BPD to 15 million BPD and Russia expects the market to reach equilibrium in June or July, Energy Minister Novak Novak said in a statement May 25.Ria Novosti earlier quoted an unnamed source familiar with the minister's remarks as saying that non-OPEC + countries, including Canada, Norway and the United States, had contributed between 3.5 million and 4 million barrels a day.