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    Russian Minister of Energy Alexander Novak

    Russia May Reach Agreed Oil Output Cuts by Late April

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    Alexander Novak said Russia may fulfill its commitments on oil production cuts under the agreement with OPEC as early as by the end of April.

    HOUSTON (Sputnik) — Russia may fulfill its commitments on oil production cuts under the agreement with OPEC as early as by the end of April, Energy Minister Alexander Novak said Monday.

    "We are currently outrunning the planned oil output cuts and I expect we will reach the volume of 300,000 barrels daily by late April… Today we have already reached 50 percent of the agreed cuts… and we expect to cut production by 200,000 barrels in March," Novak told reporters on the sidelines of the CERAWeek energy conference in Houston, Texas.

    Novak also said his ministry estimated average global oil prices to stabilize in the range of $55-60 per barrel in 2017.

    Russia has pledged to reduce production by 300,000 bpd, as part of 11 non-OPEC producers' wider 558,000 bpd reduction that went into effect this year. Thirteen OPEC members are expected to cut oil production by 1.2 million bpd as part of the so-called Vienna Agreement.

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    oil output cuts, Alexander Novak, Russia
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