Min: Russia cuts oil output by 97,000 bpd in Feb to Oct 2018

MOSCOW, Mar 1 (PRIME) -- Russia reduced oil production by 97,000 barrels per day in February compared to the level of October 2018 under the OPEC+ oil production cut agreement, the Energy Ministry said Friday following Minister Alexander Novak’s meeting with heads of oil companies.

By the end of February, Russia reached oil production cut of around 118,000 barrels per day to the level of October 2018, the ministry said.

“Russia fully fulfills its obligations in accordance with earlier announced plans of gradual reduction of production by the end of March of this year,” Novak was quoted as saying.

“On the whole, the February output compared to December 2018 fell by 145,000 barrels per day, compared to October 2018 – by 97,000 barrels per day. By the end of February, production was by around 165,000 barrels per day lower than in December 2018 and by 118,000 barrels per day than in October 2018,” Novak said.

In November 2016, OPEC and non-OPEC states including Russia first agreed to reduce their oil output to rebalance the market. In December 2018, the participants of the deal decided to cut production by an additional 800,000 barrels per day for OPEC and 400,000 barrels per day for non-OPEC states, including 230,000 barrels per day for Russia, from the level of October 2018.

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