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    Workers look at a drilling rig at a well pad of the Rosneft-owned Prirazlomnoye oil field outside the West Siberian city of Nefteyugansk, Russia, August 4, 2016

    Long-Term Crude Supplies Abroad Not to Drop After Oil Production Cut Deal

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    The agreed long-term oil supplies will not be reduced because of the oil production cut deal, Russian Energy Minster Alexander Novak said on Saturday.

    MOSCOW (Sputnik) — In November, OPEC agreed to cut oil production by 1.2 million barrels per day to 32.5 million barrels per day for the whole cartel from next year.

    "Intergovernmental agreements will be fully implemented, since cuts are slight and companies will be able to compensate via other activities," Novak told journalists.

    Russian Deputy Prime Minister Arkady Dvorkovich added that the deal would not affect oil supplies on the domestic market and stressed that companies would supply as much oil as was demanded, without any substantial rise in prices.

    On December 10, OPEC finished 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 cutting the output by 300,000 barrels per day from January 2017.

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    oil production, Alexander Novak, Russia
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