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Russia Ready to Gradually Cut Oil Output by 300,000 Barrels per Day

© Sputnik / Anton Denisov / Go to the photo bankOil rigs in the Caspian Sea
Oil rigs in the Caspian Sea - Sputnik International
Russia is ready to gradually reduce its oil output by up to 300,000 barrels per day starting in January 2017 in light of a new OPEC agreement on oil production ceiling, Russian Energy Minister Alexander Novak said Wednesday.

MOSCOW (Sputnik) — The Organization of the Petroleum Exporting Countries (OPEC) member states reached an agreement in Vienna earlier on Wednesday to cut oil production by 1.2 million barrels a day starting from January 1, 2017.

"Russia will gradually reduce its oil production in the first half of 2017 by up to 300,000 barrels per day and will do it as expediently as its technical capabilities allow," Novak told reporters.

In this Wednesday, June 8, 2011 file photo, sun sets behind an oil pump in the desert oil fields of Sakhir, Bahrain - Sputnik International
Oil Production Cuts to Begin in January 2017 - Saudi Minister

Novak stressed that Moscow is hoping that other non-OPEC oil producers would join the cartel in production cuts aimed at stabilizing the situation on global oil markets.

The Russian minister confirmed that OPEC and non-OPEC producers are expected to meet in the next 10 days, most likely on December 9 in Doha, to sign a memorandum on "oil production freeze."

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