01:53 GMT +325 September 2018
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    A worker at an oil field owned by Bashneft, Bashkortostan, Russia

    Russian Energy Ministry to Draft Oil Production Cuts Plan By Dec. 9 OPEC Meeting

    © REUTERS / Sergei Karpukhin
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    Russia's Energy Ministry will draft a plan to reduce oil production in the country by the meeting with the Organization of the Petroleum Exporting Countries (OPEC) on December 9, Minister Alexander Novak said Thursday.

    MOSCOW (Sputnik) — On Wednesday, OPEC member states agreed in Vienna to reduce oil production by 1.2 million barrels a day to bring its ceiling to 32.5 million barrels daily effective from January 2017. Novak said following the OPEC meeting that non-OPEC member Russia is ready to gradually reduce its oil output by up to 300,000 barrels per day.

    OPEC's meeting with oil producing countries not making part of the cartel but supporting its decision is expected to take place in Doha December 9.

    "It will be ready by the meeting with OPEC countries," Novak said, adding that he expects all large Russian companies to take part in oil production cuts within framework of the OPEC deal.

    Russia’s cooperation with the Organization of the Petroleum Exporting Countries (OPEC) is of long-term nature, Russia is ready to consider the option of extending its agreement with the cartel on oil production after the first half of 2017, Russian Energy Minister underlined.

    "I think that our cooperation and interaction on the market is of long-term character, if our agreements are implemented and it is necessary to take extra steps we shall take part in this."

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