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Russia cuts oil production twice as much as agreed

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Russia cuts oil production twice as much as agreed

On January results, Russia will cut its oil production by 100,000 barrels per day, Russian Energy Minister, Alexander Novak told reporters on Sunday. Original plan envisaged a volume of 50,000 barrels per day.

“I believe that our companies will implement their plans in reliance on a maximum speed of the agreement achieving… We will monitor, because Russia has its own peculiarities regarding the possibilities of dramatic reduction. At present, our companies are moving forwards on the basis of those possibilities that they have,” Alexander Novak said, commenting Russia’s plans for February.

The Minister pointed out that currently all Russia companies fulfill the agreements. Thus, on January results, Russia will reach the point of oil production of up to 11,15 million barrels per day.

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