Baku, Azerbaijan, March 30
By Leman Zeynalova – Trend:
Russia has reduced the oil production by 200,000 barrels per day (bpd) as compared to the average daily volume recorded in October 2016, said the country’s energy minister Alexander Novak.
The country is cutting the oil output in stages in accordance with the plan and the reduction of production in January-February was going at a faster pace, Novak told CNBC.
Russia has agreed to cut its oil output by 300,000 barrels per day under the OPEC deal signed in Vienna.
In December 2016, OPEC and non-OPEC producers reached their first deal since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices.
Non-OPEC oil producers such as Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan, and South Sudan agreed to reduce output by 558,000 bpd starting from Jan. 1, 2017 for six months, extendable for another six months, to take into account prevailing market conditions and prospects.
OPEC agreed to slash the output by 1.2 million barrels per day from Jan. 1, with top exporter Saudi Arabia cutting as much as 486,000 bpd.
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