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Russia Reduces Oil Output to Average 305,000-308,000 BPD in June

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Russia has cut oil production fulfilling its obligations under the Vienna deal.

Oil production. - Sputnik International
Russian Energy Minister Unaware of Kazakh Plans to Revise Oil Output Cut Deal
MOSCOW (Sputnik) Russia has fulfilled its obligations under the Vienna deal to reduce oil output production by successfully cutting oil output to an estimated 305,000-308,000 barrels per day in the first half of this year, Russian Energy Minister Alexander Novak said on Wednesday, adding that this level has been maintained for the past two months.

"Now we have an average of 305,000-308,000 [barrels per day]… So, Russia fulfills its obligations… It has already been two months since we reached the level," Novak told reporters.

In late 2016, OPEC and a number of non-cartel oil producers reached an agreement in the Austrian capital of Geneva to cut oil output by a total of 1.8 million barrels per day from October's level. The deal was made for the first half of 2017 in an effort to boost global oil prices.

In addition to OPEC, the agreement was also supported by 11 non-OPEC states, which promised to jointly reduce oil output by 558,000 barrels per day. Russia pledged to cut production by 300,000 barrels daily.

On May 25, the oil production curtailment agreement was extended for nine months until April 2018.

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