Russia to cut oil output from Nov-Dec levels

Dhaka,  Sun,  24 September 2017
Published : 01 Dec 2016, 20:56:19

Russia to cut oil output from Nov-Dec levels

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

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 per cents 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 per cent 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.

-    TS

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