Report: Russia ready to cut oil output by 150 bpd under OPEC deal
MOSCOW, Dec 3 (PRIME) -- Russia agrees to reduce oil production by 150,000 barrels per day (bpd) in accordance with the OPEC plus nonmember agreement, Bloomberg reported on Monday, citing sources.
On December 1, President Vladimir Putin said that Russia and Saudi Arabia had agreed to prolong the deal of OPEC and non-OPEC states to reduce oil production, but had not defined the volumes.
Bloomberg reported that officials from Saudi Arabia insisted on a more even distribution of the reduction quotas.
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.