MOSCOW, Jan 12 (PRIME) -- Russia has started cutting its oil production in line with an agreement between OPEC and non-OPEC countries, and the fall exceeded the amount planned by the oil companies in the first 10 days of January, Energy Minister Alexander Novak told reporters on Thursday.
“Russia is fulfilling its liabilities,” he said. “In general, we can say that we have cut even more than planned by the oil companies in the first 10 days.”
He declined to mention the exact figure of production.
“It is too early to speak about that. We will monitor the situation. Let’s wait for the end of the month,” he said.
OPEC and 11 non-OPEC countries, including Russia, agreed in December to cut combined oil production by 1.8 million barrels a day in January–July 2017 in order to balance supply and demand. OPEC will reduce output by 1.2 million barrels daily, while Russia is to decrease production by 300,000 barrels.
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