Minister: Russia cuts oil output 300,000 bpd under OPEC+ deal

MOSCOW, Apr 28 (PRIME) -- Russia has reduced oil output by 300,000 barrels per day under a production cut agreement with the OPEC and non-OPEC states fulfilling its obligations, Energy Minister Alexander Novak said on Friday.

“Yesterday (the oil output cut) amounted to around 298 (thousands of barrels per day),” he 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 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 with potential prolongation.

End