Russia Cuts Oil Production in Sept. Under Output Reduction Deal by 346,000 bpd

According to Russia's Energy Minister, the country reduced oil production last month as part of a deal with OPEC; the current arrangement will last through March, 2018.

MOSCOW (Sputnik) – Russia cut oil production in September under the oil output reduction deal between OPEC and non-OPEC countries by 346,000 barrels per day, Russian Energy Minister Alexander Novak said Wednesday.

"A total of 346,000 barrels," Novak told reporters in response to a relevant question.

In November, 2016 the Organization of Petroleum Exporting Countries agreed in Vienna to reduce its production by 1.2 million bpd from the October 2016 level. The following month, 11 non-OPEC countries 2016 agreed to cut their production by a total of 558,000 barrels per day; Russia cut its own output by 300,000 bpd. The agreement was concluded for the first half of 2017. In May 2017 it was extended by nine months — until the end of March 2018.