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Russia ready to cut oil output by 300,000 bpd in first half, as agreed with OPEC
November 30, 2016 / 5:40 PM / 10 months ago

Russia ready to cut oil output by 300,000 bpd in first half, as agreed with OPEC

Russian Energy Minister Alexander Novak attends an international conference dedicated to the 175th anniversary of Sberbank in Moscow, Russia November 10, 2016. REUTERS/Sergei Karpukhin

MOSCOW (Reuters) - Russia is ready to “gradually” cut its oil production by up to 300,000 barrels per day in the first half of 2017 as a part of its agreement with OPEC, Russian Energy Minister Alexander Novak said on Wednesday.

Speaking to reporters, Novak said that Russia welcomes the OPEC decision and expects that other non-OPEC members will also join the deal by cutting their cumulative oil output by up to 300,000 bpd.

Novak gave no indication what is the level that Russia is ready to cut its oil output from. This year Russia’s crude output is on track to hit a new post-Soviet high.

Reporting by Denis Pinchuk; Writing by Andrey Ostroukh; Editing by Katya Golubkova

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