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Russia Stands by OPEC Deal Even After 2 Months of Overproducing

  • Compliance with deal was 95.2% in April vs 93.4% in March
  • Country says it’s ‘fully committed’ to bringing market balance
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The Market Determines Oil Prices Says Russian Energy Minister

Russia reaffirmed its pledge to an alliance with OPEC, despite two months of breaching its target under a global oil-output deal.

The country remains “fully committed” to bringing balance to the crude market, Russia’s Energy Minister Alexander Novak said in a statement Thursday. Russia’s compliance with the deal was 95.2 percent in April, after a rate of 93.4 percent in March. While this over-production is more than offset by slumping output from some members of the Organization of Petroleum Exporting Countries, missed Russian goals could become a feature of the pact, according to Massachusetts-based ESAI Energy LLC.