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    Pump jacks are seen at the Lukoil company owned Imilorskoye oil field, as the sun sets, outside the West Siberian city of Kogalym, Russia, January 25, 2016

    Russian Oil Companies to Cut Output in Proportion to Share Internal Production

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    Russian oil companies will reduce their output in the proportion in total internal oil production, the first executive vice-president of Russia's LUKoil company said Wednesday.

    MOSCOW (Sputnik) — Russian oil companies will reduce their output in line with the proportion they have in total oil production in the country, the first executive vice-president of Russia's LUKoil company said Wednesday.

    "Everyone will cut [oil production] proportionally with their shares in total output," Ravil Maganov told reporters after a meeting of representatives of Russian oil companies with the country's energy minister, Alexander Novak.

    Earlier in December, Russian oil companies confirmed their readiness to participate in an OPEC agreement on cuts in oil production.

    On Saturday, OPEC finished a two-day meeting with non-OPEC countries in Vienna, Austria. The non-OPEC countries decided to cut oil output by 612,000 barrels per day, with Russia cutting output by 300,000 barrels per day. In November, OPEC agreed to cut oil production by 1.2 million barrels per day across the cartel.


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    reductions, output, oil, OPEC, Lukoil, Russia
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