Russia says its compliance with global oil deal at 93.4 percent in March

FILE PHOTO - Russian Energy Minister Alexander Novak waits before a meeting of Russian President Vladimir Putin with Qatar's Emir Sheikh Tamim bin Hamad al-Thani at the Kremlin in Moscow, Russia March 26, 2018. REUTERS/Sergei Karpukhin

MOSCOW (Reuters) - Russia’s compliance with the global deal to cut oil production was at 93.4 percent in March, Energy Minister Alexander Novak said on Monday.

He also said that Russia is fully committed to reaching balance on the global oil market, while explaining fluctuations in Russian hydrocarbon output as the result of seasonality on the domestic market and higher gas demand.

Reporting by Vladimir Soldatkin; Editing by Christian Lowe