Russian Companies to Follow OPEC Oil Cut Pledge: Novak

Russian Companies to Follow OPEC Oil Cut Pledge: Novak
energia.gr
Παρ, 21 Δεκεμβρίου 2018 - 14:48

Under the new OPEC deal, Russia will cut oil production by specifically 228,000 barrels per day, Alexander Novak, the country's energy minister said on Friday.

According to Russian news agency Sputnik, Novak said that Russian oil companies are ready to follow OPEC's commitments and reduce production proportionally.

OPEC and it allies announced on Dec. 7 that crude output would be cut by 1.2 million barrels per day (mbpd) to balance the global oil market.

OPEC members agreed the cartel would curb production by 800,000 bpd, while non-OPEC oil producers, including Russia, would cut by 400,000 bpd.

The supply cuts will be based on production levels of participating countries in October 2018, and will take effect from January 2019 for six months, according to a joint communique from the cartel and its allies, dubbed as OPEC+.

The deal and its impact on the market will be reviewed in April 2019, when OPEC+ meet to decide on output for July onwards.

 

(Anadolu Agency)