MOSCOW, Feb 2 (PRIME) -- Russia reduced oil production by 301,200 barrels a day in January under the OPEC plus nonmember production cut agreement, Energy Minister Alexander Novak told reporters on Friday.
“The Russian Federation totally fulfills the undertaken liabilities on oil output reduction in the framework of the OPEC and non-OPEC agreement. Russia’s output reduction amounted to 301,200 barrels a day in January 2018,” Novak said.
OPEC states agreed to reduce their oil production by 1.2 million barrels daily to 32.5 million barrels in November 2016. Russia joined the agreement in December 2016 with a promise to cut output by 300,000 barrels daily compared with the level of October 2016. The agreement was concluded for January–June 2017 and was prolonged for nine months in May.
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