- Sputnik International
World
Get the latest news from around the world, live coverage, off-beat stories, features and analysis.

Russia to Create Monitoring Group to Control Oil Output Reduction – Novak

© REUTERS / Sergei KarpukhinPump jacks are seen at the Lukoil company owned Imilorskoye oil field, as the sun sets, outside the West Siberian city of Kogalym, Russia, January 25, 2016
Pump jacks are seen at the Lukoil company owned Imilorskoye oil field, as the sun sets, outside the West Siberian city of Kogalym, Russia, January 25, 2016 - Sputnik International
Subscribe
Russia will create a monitoring group to control oil output reduction process inside the country, Russian Energy Minister Alexander Novak said.

Saudi Arabia's King Salman. (File) - Sputnik International
Russia's Energy Minister: Saudi Arabia May Cut Oil Output Below OPEC Deal Level
MOSCOW (Sputnik) — Russia and Kuwait would head a monitoring committee overseeing the oil output agreement between the Organizations of the Petroleum Exporting Countries (OPEC) and a number of other oil producing states, Azerbaijan's Energy Minister Natig Aliyev said Saturday.

“We will create too a monitoring group inside [the country] at a meeting with our [oil] companies, which will also follow the situation … The most important thing is to maintain a certain decrease in oil production output in the country in general,” Novak told journalists.

The minister noted that he would meet with Russia’s oil companies’ officials the next week to discuss output reduction.

“By March we will have a reduction of about 200,000 barrels [per day], and in a short time, we will reach the target of 300,000 barrels,” Novak stressed.

He said that that the final aim is 10,947 million barrels per day, adding that Russia would start reducing oil output in January 2017.

Newsfeed
0
To participate in the discussion
log in or register
loader
Chats
Заголовок открываемого материала