UPDATE2: Russia to reduce oil production by 50,000–60,000 bpd/mo

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MOSCOW/SABETTA, Yamalo-Nenets Autonomous District, Dec 11 (PRIME) -- Russia plans to cut oil production by 50,000–60,000 barrels per day monthly, starting from January in the framework of the OPEC plus nonmember output reduction agreement, Energy Minister Alexander Novak told reporters on Tuesday.

“There is already a schedule of oil output reduction split by month. It envisages a gradual cut of oil output in accordance with the agreement. We expect to reduce production by some 50,000–60,000 barrels per day in January at least,” Novak said.

“We shall see how the situation unfolds. Two years ago this was not very even -- large amounts were pumped in January due to weather conditions. We will see and monitor,” he said.

Novak said he believes it is realistic for Russia to reach the target level of production under the OPEC+ deal in four months.

“We will try. For all companies the situation is different. During four months, of course, it is realistic,” he said.

Novak confirmed a plan to meet with executives of oil companies in order to distribute production quotas cut until the end of 2018.

On December 7, OPEC and non-member participants agreed to cut production by 800,000 barrels per day for OPEC and 400,000 barrels per day for non-OPEC states, including 230,000 barrels per day for Russia with the October level set as the base for calculations.

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