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Russia ready to cut oil output by 300,000 bpd in first-half, as agreed with OPEC

Reuters  |  MOSCOW 

By Denis Pinchuk

MOSCOW (Reuters) - is ready to cut production "gradually" by up to 300,000 barrels per day (bpd) in the first half of next year as part of an agreement with OPEC, Russian Energy Minister Alexander Novak said on Wednesday.

"is ready to join the agreement ... Based on our active talks over the last couple of months with key members and non-countries, will gradually cut its output by up to 300,000 barrels per day in the first half of 2017," Novak told reporters.

He added that it was technologically challenging for to cut production sharply.

"Our talks with non-countries allow us to expect some countries to join the deal, cumulatively contributing approximately up to 300,000 bpd," Novak said. He did not elaborate.

Kazakhstan and Azerbaijan are the second- and third-biggest producers among ex-Soviet countries after Russia. Russia, the leading global producer, saw its output hit post-Soviet highs in recent months.

Novak gave no indication from which level was ready to cut output. The Kazakh energy ministry declined immediate comment. The Azeri energy ministry could not be reached for a comment on Wednesday.

"We are optimistic about the agreements reached and consider today's agreement as historically important," Novak said. He added that and non-nations were choosing the timing for a separate to sign a memorandum on the deal.

"We think such a will take place within the next 10 days," Novak said.

The Organization of the Petroleum Exporting Countries agreed on Wednesday its first output cuts since 2008 after Saudi Arabia accepted "a big hit" on its production and dropped its demand on arch-rival Iran to slash output.

(Reporting by Denis Pinchuk; Additional reporting by Mariya Gordeyeva in Almaty and Nailia Bagirova in Baku; Writing by Andrey Ostroukh/Katya Golubkova; Editing by Dale Hudson)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Russia ready to cut oil output by 300,000 bpd in first-half, as agreed with OPEC

MOSCOW (Reuters) - Russia is ready to cut oil production "gradually" by up to 300,000 barrels per day (bpd) in the first half of next year as part of an agreement with OPEC, Russian Energy Minister Alexander Novak said on Wednesday.

By Denis Pinchuk

MOSCOW (Reuters) - is ready to cut production "gradually" by up to 300,000 barrels per day (bpd) in the first half of next year as part of an agreement with OPEC, Russian Energy Minister Alexander Novak said on Wednesday.

"is ready to join the agreement ... Based on our active talks over the last couple of months with key members and non-countries, will gradually cut its output by up to 300,000 barrels per day in the first half of 2017," Novak told reporters.

He added that it was technologically challenging for to cut production sharply.

"Our talks with non-countries allow us to expect some countries to join the deal, cumulatively contributing approximately up to 300,000 bpd," Novak said. He did not elaborate.

Kazakhstan and Azerbaijan are the second- and third-biggest producers among ex-Soviet countries after Russia. Russia, the leading global producer, saw its output hit post-Soviet highs in recent months.

Novak gave no indication from which level was ready to cut output. The Kazakh energy ministry declined immediate comment. The Azeri energy ministry could not be reached for a comment on Wednesday.

"We are optimistic about the agreements reached and consider today's agreement as historically important," Novak said. He added that and non-nations were choosing the timing for a separate to sign a memorandum on the deal.

"We think such a will take place within the next 10 days," Novak said.

The Organization of the Petroleum Exporting Countries agreed on Wednesday its first output cuts since 2008 after Saudi Arabia accepted "a big hit" on its production and dropped its demand on arch-rival Iran to slash output.

(Reporting by Denis Pinchuk; Additional reporting by Mariya Gordeyeva in Almaty and Nailia Bagirova in Baku; Writing by Andrey Ostroukh/Katya Golubkova; Editing by Dale Hudson)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Business Standard
177 22

Russia ready to cut oil output by 300,000 bpd in first-half, as agreed with OPEC

By Denis Pinchuk

MOSCOW (Reuters) - is ready to cut production "gradually" by up to 300,000 barrels per day (bpd) in the first half of next year as part of an agreement with OPEC, Russian Energy Minister Alexander Novak said on Wednesday.

"is ready to join the agreement ... Based on our active talks over the last couple of months with key members and non-countries, will gradually cut its output by up to 300,000 barrels per day in the first half of 2017," Novak told reporters.

He added that it was technologically challenging for to cut production sharply.

"Our talks with non-countries allow us to expect some countries to join the deal, cumulatively contributing approximately up to 300,000 bpd," Novak said. He did not elaborate.

Kazakhstan and Azerbaijan are the second- and third-biggest producers among ex-Soviet countries after Russia. Russia, the leading global producer, saw its output hit post-Soviet highs in recent months.

Novak gave no indication from which level was ready to cut output. The Kazakh energy ministry declined immediate comment. The Azeri energy ministry could not be reached for a comment on Wednesday.

"We are optimistic about the agreements reached and consider today's agreement as historically important," Novak said. He added that and non-nations were choosing the timing for a separate to sign a memorandum on the deal.

"We think such a will take place within the next 10 days," Novak said.

The Organization of the Petroleum Exporting Countries agreed on Wednesday its first output cuts since 2008 after Saudi Arabia accepted "a big hit" on its production and dropped its demand on arch-rival Iran to slash output.

(Reporting by Denis Pinchuk; Additional reporting by Mariya Gordeyeva in Almaty and Nailia Bagirova in Baku; Writing by Andrey Ostroukh/Katya Golubkova; Editing by Dale Hudson)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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