Source: Russia sees maximum oil output cut at 150,000 bdp Jan–Mar

MOSCOW, Dec 7 (PRIME) -- Russia wants to reduce its oil production by no more than 150,000 barrels per day in January–March 2019 and may adjust the figure later, a source close to the negotiations in Vienna told PRIME on Friday.

Russian Energy Minister Alexander Novak told the Joint OPEC-non-OPEC Ministerial Monitoring Committee (JMMC) that Russia hopes to reduce oil production by only 100,000–150,000 barrels per day due to seasonal reasons, the source said.

The source also said that Iran wants to use March or April as a reference month for the future reduction cut calculation.

On Wednesday, a source close to the talks said OPEC was making an effort to convince Russia to reduce oil production by at least 300,000 barrels per day and was ready for a gradual cut.

In November 2016, OPEC and non-OPEC states including Russia agreed to reduce their oil production to rebalance the market. In 2017, the deal was prolonged until the end of 2018. In June, the participants decided to raise the output by 1 million barrels of oil per day due to a favorable market environment.

On Friday, OPEC and non-OPEC states are to meet in Vienna to make a final decision on the future of the deal.

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