Russia begins oil output cuts as Opec+ deal kicks in | 2019-01-14

Russia begins oil output cuts as Opec+ deal kicks in

14 January, 2019 12:00 AM printer

RUSSIA: Russia is gradually reducing oil production in line with the Opec+ deal and is on track to get about a fifth of the way toward its pledged cut this month.

Preliminary data show the nation’s output has already fallen by more than 30,000 barrels a day relative to October levels, Energy Minister Alexander Novak said Friday. “The companies have said they can decrease total production by 50,000 barrels per day in January,” he told reporters in Moscow, report agencies.

Russia has agreed with Opec to gradually implement a cut of 228,000 barrels a day by the end of the first quarter, compared with October production of 11.418 million barrels a day.


Top