Russian Energy Ministry Keeps Oil Cut Forecast at 300,000 Bpd by End of April

Energy Minister said that Russian Energy Ministry will maintain its pledge to cut oil production at a rate of 300,000 barrels per day, by the end of April.

MOSCOW (Sputnik) – The  will maintain its pledge to cut oil production at a rate of 300,000 barrels per day, by the end of April, country's Energy Minister Alexander Novak said Wednesday.

"Our plans do not change. By the end of the month [April] we will reach 300,000 barrels, during May-June we will maintain this level within the parameters that were agreed upon when the agreement was concluded," Novak told reporters.

The minister added that by mid-April the reduction of 250,000 barrels per day should be met.

In November 2016, the Organization of the Petroleum Exporting Countries (OPEC) member states reached an agreement to cut oil production by 1.2 million barrels per day in the first half of 2017 to boost global oil prices.

The OPEC agreement was supported by 11 non-OPEC states, which joined the deal by promising to reduce oil output by 558,000 barrels per day. Russia pledged to cut production by 300,000 barrels daily. OPEC has already implemented its commitment while non-cartel countries have implemented over half of the agreed upon cuts.

Never miss a story again — sign up to our Telegram channel and we'll keep you up to speed!