7 December 2016, 09:48 GMT
MOSCOW (Sputnik) — The Organization of the Petroleum Exporting Countries (OPEC) agreed to cut crude oil output by 1.2 million barrels per day to 32.5 million barrels per day from January 2017.
Non-OPEC countries will reduce their production by 600,000 barrels per day, with Russia agreeing to cut its oil output by 300,000 barrels per day.
"All companies have supported our proposals to reduce the level of production," the statement said.
The CEO of Russia's energy company Novatek confirmed Russian companies' readiness to cut oil oitput.
"All [Russian oil companies] support the Energy Ministry," Leonid Mikhelson said.
