MOSCOW Nov 30 (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)
Connect via email
- Nigeria’s Buhari returns home after three-month sick leave in Britain – Reuters
- Naira falls against dollar at parallel market – NAN
- Nigeria strengthening economy attracts forex traders – The Cable
- Permanent secretary forfeits N664m, $137,680.11,properties to FG – THE NEWS NIGERIA
- Naira to weaken further as dollar demand increases – PUNCH