The Russian Energy Ministry considers it real for Russia to reach the target volume of oil production curtailment in accordance with the latest agreement reached by Organisation of the Petroleum Exporting Countries (OPEC) and non-cartel producers in the course of four months, Energy Minister Alexander Novak said on Tuesday.
SABETTA (UrduPoint News / Sputnik - 11th December, 2018) The Russian Energy Ministry considers it real for Russia to reach the target volume of oil production curtailment in accordance with the latest agreement reached by Organisation of the Petroleum Exporting Countries (OPEC) and non-cartel producers in the course of four months, Energy Minister Alexander Novak said on Tuesday.
"We will try [to do so].
Every company has a different situation. Of course, it is real for a four-month period," Novak told reporters, asked whether Russia would be capable to cut daily oil production by the agreed 228,000 barrels within four months.
Earlier in the day, Novak said that the ministry planed to gradually reduce oil production by 50,000-60,000 barrels per day each month.
On December 7, participants of the OPEC-non-OPEC oil output cut deal agreed to reduce overall production by 1.2 million barrels per day starting from the next year, with a view to signing the charter on future long-term cooperation in the first quarter of 2019.
OPEC member states will cut production by 800,000 barrels per day and non-OPEC countries by 400,000 barrels per day. Russia will reduce oil production by about 228,000 barrels per day from the level of October 2018 under the deal.
