Russia agreed to reduce its output by 228,000 bpd to about 11.18 million bpd in 2019 as part of cuts by the group of producers, known as OPEC+, which agreed to cut their combined output by 1.2 million bpd or 1.2% of global demand.

Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Industry, has re-affirmed the UAE's commitment to voluntary production adjustments under the agreement of the Organisation of Petroleum Exporting Countries and non-OPEC producers in support of the stability of the global oil market.

OPEC’s production of crude oil and other liquids is expected to decline to 32.8 million barrels per day (bpd) by 2024,

HE Mohammad Sanusi Barkindo, Secretary General of OPEC, and his GECF counterpart, HE Yury Sentyurin, signed the MoU in Moscow on the sidelines of Russian Energy Week.

“What matters is supply predictability and reliability. We have a business-like approach with our energy partners in Europe and the rest of the world, of a commercial nature with no political reasoning,” Putin added.

The country produced 530,000 b/d of oil in August, down from 540,000 b/d in July. Ecuador's output quota was set at 508,000 b/d under a 1.2 million b/d supply cut agreement, which went into force January 1 and runs through March 2020. Ecuador reported August production of 550,000 to OPEC.

"Nobody has changed the parameters of the [OPEC+} deal. So, I think that we all agreed in Abu Dhabi, that everyone should fulfill their obligations," Novak said, when asked if Russia needs to continue to comply.

Conformity with the voluntary production adjustments remains high, 136% in the month of August. However, the JMMC reemphasized the core principles underpinning the DoC, namely, equity, fairness and transparency, and urged all participating countries to intensify their efforts in pursuit of full and timely conformity with their voluntary production adjustments.

OPEC oil output averaged 29.71 million b/d in August, up 230,000 from July as production increases in Saudi Arabia, the UAE, Nigeria and Iraq offset declines in Venezuela and Libya,

The JMMC noted the overall conformity of 159% in July 2019 was 22 pp higher than in June 2019, and the average conformity of 134% since January 2019 was the highest to date in 2019. This high level of overall conformity has offset uncertainty in the market due to ongoing economic growth worries.