Russia Could Cut Oil Production at Faster Pace - Energy Minister Novak

Russian Energy Minister Alexander Novak did not rule out Thursday that the reduction of Russia's oil production could take place at a faster pace.

BUDAPEST (Sputnik) — The Organization of the Petroleum Exporting Countries (OPEC) agreed in November 2016 to cut oil production by 1.2 million barrels per day to 32.5 million barrels per day for the entire cartel from 2017. On December 10, 2016, OPEC held a meeting with non-OPEC countries in Vienna, at which non-OPEC countries decided to cut oil output by 558,000 barrels per day with Russia's share totaling 300,000 barrels per day from January 2017.

"We expect that the plans the companies initially submitted will be implemented. This is the most basic point. It is possible that they will be [implemented] at a faster pace. It depends first of all on the companies themselves, on the investment policy," Novak told reporters.