The Russian Energy Ministry plans to gradually reduce oil production by 50,000-60,000 barrels per day each month under the new Organization of the Petroleum Exporting Countries (OPEC) deal on output cuts, the ministry head, Alexander Novak, said Tuesday.
MOSCOW (Pakistan Point News / Sputnik - 11th December, 2018) The Russian Energy Ministry plans to gradually reduce oil production by 50,000-60,000 barrels per day each month under the new Organization of the Petroleum Exporting Countries (OPEC) deal on output cuts, the ministry head, Alexander Novak, said Tuesday.
Earlier in the day, Novak said that in January the production cuts will amount to 50,000-60,000 barrels per day.
"In the coming months, [the output] will depend on the technological and climatic conditions. I think we will get offers from companies. We estimate that this decrease will be gradual," the minister said.
"Yes," Novak added, answering the question whether the ministry expected the cuts to be 50,000-60,000 barrels per day each month.
Participants of the OPEC-non-OPEC oil production cut deal agreed during a meting in Vienna on December 7 to reduce overall oil output by 1.2 million barrels per day starting January 2019.
