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Russia ready to cut oil output by 300,000 bpd in H1, as agreed with OPEC

Reuters  |  MOSCOW 

MOSCOW (Reuters) - is ready to "gradually" cut its production by up to 300,000 barrels per day in the first half of 2017 as a part of its agreement with OPEC, Russian Energy Minister Alexander Novak said on Wednesday.

Speaking to reporters, Novak said that welcomes the decision and expects that other non-members will also join the deal by cutting their cumulative output by up to 300,000 bpd.

Novak gave no indication what is the level that is ready to cut its output from. This year Russia's crude output is on track to hit a new post-Soviet high.

(Reporting by Denis Pinchuk; Writing by Andrey Ostroukh; Editing by Katya Golubkova)

(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 H1, as agreed with OPEC

MOSCOW (Reuters) - Russia is ready to "gradually" cut its oil production by up to 300,000 barrels per day in the first half of 2017 as a part of its agreement with OPEC, Russian Energy Minister Alexander Novak said on Wednesday.

MOSCOW (Reuters) - is ready to "gradually" cut its production by up to 300,000 barrels per day in the first half of 2017 as a part of its agreement with OPEC, Russian Energy Minister Alexander Novak said on Wednesday.

Speaking to reporters, Novak said that welcomes the decision and expects that other non-members will also join the deal by cutting their cumulative output by up to 300,000 bpd.

Novak gave no indication what is the level that is ready to cut its output from. This year Russia's crude output is on track to hit a new post-Soviet high.

(Reporting by Denis Pinchuk; Writing by Andrey Ostroukh; Editing by Katya Golubkova)

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

image
Business Standard
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Russia ready to cut oil output by 300,000 bpd in H1, as agreed with OPEC

MOSCOW (Reuters) - is ready to "gradually" cut its production by up to 300,000 barrels per day in the first half of 2017 as a part of its agreement with OPEC, Russian Energy Minister Alexander Novak said on Wednesday.

Speaking to reporters, Novak said that welcomes the decision and expects that other non-members will also join the deal by cutting their cumulative output by up to 300,000 bpd.

Novak gave no indication what is the level that is ready to cut its output from. This year Russia's crude output is on track to hit a new post-Soviet high.

(Reporting by Denis Pinchuk; Writing by Andrey Ostroukh; Editing by Katya Golubkova)

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

image
Business Standard
177 22