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.
