Report: Min says Russia cuts oil output by 200,000 bbl/day

MOSCOW, Mar 30 (PRIME) -- Russia has decreased its oil production by 200,000 barrels a day so far in March compared with an average daily oil output in October 2016, Energy Minister Alexander Novak told CNBC in an interview released Thursday.

He confirmed Russia’s plans to comply with an earlier agreement and cut oil production by 300,000 barrels a day by the end of April.

“Russia is reducing its oil production in stages, in accordance with the plans that we worked out voluntarily with our production companies,” Novak said.

“The decrease in production in January and February were ahead of tempo with regards our initial plans. Currently, in March we have already reached a reduction level of 200,000 barrels a day. We anticipate complying with the figure set forth in the agreement by the end of April.”

Novak also said Russia currently produces 17% of its oil in the Arctic and the share is to grow in the future.

“Currently, we are producing about 17% of our total oil production in the Arctic. In 20 years, in accordance with our strategic plans this share will increase to as much as 26%.”

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