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IPFS News Link • Oil

OPEC and Russia will likely not extend production cuts past June and their ...

• http://www.nextbigfuture.com

Saudi Arabia had forecast a collapse in output from Russia's mature fields. Instead, production has risen in the past two years to an all-time high of 11.2 million bpd, partly because a devaluation in the ruble reduced production costs.

Russia has yet to deliver on the pledged cuts, while Saudi Arabia has cut its production far below the levels it had pledged, compensating for waker compliance by other OPEC states.

Rosneft said it came as a surprise to many observers that OPEC's compliance with cuts was more than 90 percent, and said the success was because the Saudi position on reducing production had "changed a great deal" from the past.


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