Most Countries Fully Implementing OPEC Oil Cap Deal – Russian Energy Minister

© REUTERS / Sergei KarpukhinA worker checks the valve of an oil pipe at the Lukoil company owned Imilorskoye oil field outside the West Siberian city of Kogalym, Russia, January 25, 2016
A worker checks the valve of an oil pipe at the Lukoil company owned Imilorskoye oil field outside the West Siberian city of Kogalym, Russia, January 25, 2016 - Sputnik International
Most countries are fully adhering to the 2016 Vienna oil output cut deal between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries, Russian Energy Minister Alexander Novak said Sunday.

VIENNA (Sputnik) — On Sunday, the monitoring committee on the implementation of the OPEC deal is taking place in Vienna.

“Yesterday we discussed this process in detail, prepared the draft of the document that would regulate the work of the [monitoring] committee. Today we will discuss the implementation of the agreement, but in general, on the basis of what we discussed yesterday, most countries are implementing their responsibilities,” Novak told journalists.

The monitoring committee did not discuss the proposals on control of oil export volumes on Saturday, according to the minister.

“We did not discuss it yesterday, I could only say it after the official meeting [of the monitoring committee on Sunday],” he said.

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The monitoring should be based on the control of oil production figures instead of oil export volumes, and all the participants of the oil cap deal agree on that, the energy minister stressed.

The monitoring committee is meeting in Vienna on January 21-22. Chaired by Kuwait from the OPEC side and Russia from the non-OPEC side, the committee also includes Oman, Venezuela and Algeria.

“Since the beginning of the year the volumes [of reduction of oil production] have amounted to 100,000 barrels per day … [Daily oil production] amounts to about 11.1-11.5 million barrels,” Novak told reporters on Sunday.

He said that he was sure that Russian oil-producing companies would implement the oil production cut deal.

US Joining Oil Cut Agreement Not Discussed Yet, 'Doors Still Open'

The United States joining the OPEC and non-OPEC oil producers' production cut agreement has not been discussed yet, but doors are open for any country wishing to join it, Novak said.

"We have not discussed it, at least not in the framework of today's negotiations and consultations," he told reporters.

"We believe that doors are open for any country, not only for oil exporters but all countries, which extract oil, as well. It is a voluntary decision. If the new countries will join [the agreement], it will be welcomed and will have a positive effect on the market," Russia's energy minister added.

On Saturday, Novak said that Russia had reduced oil production by 100,000 barrels per day (BPD) in accordance with the OPEC deal, and was ready to do everything possible to maximize its participation in the implementation of the agreement.

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