Minister: Russia to cut oil output by 50,000 bpd in January

MOSCOW, Jan 14 (PRIME) -- Russia has started reduction of its oil production under a deal of OPEC and non-OPEC states, with the output to fall by 50,000 barrels per day in January as compared with October 2018, Energy Minister Alexander Novak told reporters late on January 11.

“We are reducing production. The reduction is happening as compared with October, and our companies announced plans to reduce a total of about 50,000 barrels as compared with October 2018. We will get close to the figure until the end of the month or an average reduction in the month will be close to that,” he said.

When asked about whether the current reduction had reached 30,000 barrels per day, he said, “It is slightly higher already. This figure is preliminary, åðó companies are working in this direction every day.”

In November 2016, OPEC and non-OPEC states including Russia agreed to reduce their oil output to rebalance the market, then raised the production quotas. In December 2018, the participants of the deal decided to cut production again by 800,000 barrels per day for OPEC and 400,000 barrels per day for non-OPEC states, including 228,000 barrels per day for Russia, from the level of October 2018.

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