Ministry: Russia invited to OPEC deal monitoring meeting Jan 21–22

MOSCOW, Jan 10 (PRIME) -- Russia’s Energy Ministry has received an invitation to participate in a meeting of a committee to monitor oil production reduction under an agreement between OPEC and non-OPEC states in Vienna on January 21–22, a representative of the ministry told PRIME on Tuesday.

“We have received the invitation,” the representative said.

OPEC and 11 non-OPEC countries, including Russia, agreed on December 11 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.

A source with knowledge of agreement fulfillment details told PRIME on Tuesday that Russia had started to reduce oil production in accordance with the deal.

The degree of output reduction has so far exceeded 50,000 barrels daily, a goal announced earlier for January.

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