Minister: Russia cuts oil output by 47,000 bpd under OPEC+ deal

MOSCOW, Feb 4 (PRIME) -- Russia has reduced its oil production by 47,000 barrels per day in January as compared with October 2018 under an output reduction deal with OPEC and non-OPEC states, the Energy Ministry said in a statement on Monday quoting Minister Alexander Novak.

“In general, January production fell by 100,000 barrels per day as compared with December 2018, and by 47,000 barrels per day as compared with October 2018…Russia fully meets the obligations it undertook in accordance with the previously announced plans of a gradual production reduction until May of this year,” Novak said as quoted by the ministry.

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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