Russia has been seeking oil output cut to amount to 150,000 barrels per day for three months in 2019 under the new OPEC-non-OPEC deal, suggesting further decrease may be introduced upon the review of the production cut extension, a source close to the talks told Sputnik.
VIENNA (Pakistan Point News / Sputnik - 07th December, 2018) Russia has been seeking oil output cut to amount to 150,000 barrels per day for three months in 2019 under the new OPEC-non-OPEC deal, suggesting further decrease may be introduced upon the review of the production cut extension, a source close to the talks told Sputnik.
According to the source, Russian Energy Minister Alexander Novak explained to the OPEC-non-OPEC Joint Ministerial Monitoring Committee (JMMC) that Russia was hoping to decrease oil production by only 100,000-150,000 barrels per day as it would be difficult to lower oil output more significantly during the winter season.
Moscow had proposed to keep the aforementioned cut in place for three months in 2019 and to subsequently review the production cut extension or further decrease in oil output based on market fundamentals, the source added.
