Russia is not cutting as much oil production as it could be under the agreement between OPEC and non-OPEC countries to cut oil output, Saudi Arabian Energy Minister Khalid Al-Falih said in an interview for the CNBC news channel.
“The agreement with Russia was three hundred [thousand bpd] that would be achieved by the first quarter, so one hundred, one hundred, one hundred. Three hundred by the end of March. January was a pleasant surprise. They did extremely well in January. February was not so good, they did not do well enough,” the minister said.
Earlier at the conference, Al-Falih said that Saudi Arabia, which exceeded its commitments to cut production, would not allow other countries to take advantage of this.