Minister: Russia cuts oil output by 315,000 bpd in October

RIYADH, Nov 2 (PRIME) -- Russia has reduced oil production by 315,000 barrels per day (bpd) in October compared with October 2016 and fully complied with an oil output reduction deal with OPEC, Energy Minister Alexander Novak told reporters on Thursday.

“Our production was cut by 315,000 barrels compared with October of last year. The target level stands at 300,000, we’ve over-fulfilled it by 5%,” he said.

The OPEC states agreed to reduce production by 1.2 million barrels daily to 32.5 million barrels in November 2016. In December 2016, 11 non-OPEC countries including Russia agreed to cut their combined output by 558,000 barrels. The agreement was concluded for January–June and prolonged for nine more months in May.

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