Russia Stands by OPEC Deal

Russia reaffirmed its pledge to an alliance with OPEC, despite two months of breaching its target under a global oil-output deal. According to Russia's Energy Minister Novak, this country remains “fully committed” to bringing balance to the crude market. 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 OPEC, missed Russian goals could become a feature of the pact, according to Massachusetts-based ESAI Energy LLC.

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Russia can’t afford compliance....

 

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