MOSCOW, Dec 11 (PRIME) -- Russia plans to cut oil production by 50,000–60,000 barrels per day in January in the framework of the OPEC plus nonmember output reduction agreement, Energy Minister Alexander Novak told reporters on Tuesday.
“There is already a schedule of oil output reduction split by month. It envisages a gradual cut of oil output in accordance with the agreement. We expect to reduce production by some 50,000–60,000 barrels per day in January at least,” Novak said.
Novak confirmed a plan to meet with executives of oil companies in order to distribute production quotas cut until the end of 2018.
On December 7, OPEC and non-member participants agreed to cut production by 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 with the October level set as the base for calculations.
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