22:22 GMT +309 December 2016
Live
    Oil rigs in the Caspian Sea

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

    © Sputnik/ Anton Denisov
    Business
    Get short URL
    0 13311

    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.

    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."

    Related:

    OPEC Understands Importance of Stabilizing Oil Market - Qatar Energy Minister
    Azerbaijan Hopes Vienna OPEC Meeting to Result in Agreement on Oil Output
    OPEC Plans to Put Pressure on Russia for Oil Output Cuts - Saudi Minister
    Saudi Arabia Optimistic About OPEC Oil Deal - Minister
    OPEC Members With Increased Oil Output Should Bear Burden of Cuts
    Russian Energy Minister Not Going to Participate in OPEC Meeting in Vienna
    Saudi Arabia Calls on Non-OPEC States to Decrease Oil Production
    Iranian Oil Minister Optimistic About OPEC Reaching Oil Output Agreement
    Russia May Join Oil Agreement Only if OPEC Countries Reach Consensus
    Crude Oil Posts Gains for Second Week Ahead of OPEC Production Meeting
    OPEC Wants Non-Members to Cut Oil Output by 500,000Bpd
    Tags:
    oil production, production freeze, output freeze, OPEC, Alexander Novak, Russia
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik
    • Сomment