Russia says to cut oil output from November-December levels

Russian Energy Minister Alexander Novak addresses a news conference in Vienna, Austria, October 24, 2016. REUTERS/Leonhard Foeger

MOSCOW (Reuters) - Russia plans to cut its oil output from November-December levels as a part of its agreement to stabilize global oil market together with OPEC, Energy Minister Alexander Novak told reporters on Thursday.

Novak said a day earlier Russia was ready to cut oil production by up to 300,000 barrels per day in the first half of 2017 as a part of its agreement with OPEC.

“It will be an equal approach, an equal cut by all (Russian) companies, but we will work out (details) additionally... In general, there is an understanding that this (cut) should be equal in percents for all,” Novak said. He did not elaborate.

Rosneft is Russia’s top oil producer, followed by Lukoil, Surgutneftegaz and Gazprom Neft. Rosneft and Gazprom Neft declined to comment, while Lukoil and Surgut did reply to Reuters requests seeking a comment.

Russia’s oil output set a new post-Soviet era record high in October, rising 0.1 percent from September to 11.2 million barrels per day (bpd).

Novak also said Azerbaijan, Kazakhstan, Mexico, Oman, Bahrain and other non-OPEC producers could join the deal.

Other non-OPEC countries are expected to contribute a cut of 300,000 bpd in addition to Russia.

Reporting by Katya Golubkova and Denis Pinchuk; additional reporting by Oksana Kobzeva; writing by Maria Kiselyova; editing by Susan Thomas