Oil output freeze in Russia to cut 2017 production by 300,000 bpd
A potential oil production freeze in Russia would essentially cut the planned output for 2017 by up to 300,000 barrels per day, Russian Energy Minister Alexander Novak said, Sputnik reports.
“It is actually a rather complicated and tough situation for us, because as you know according to our plans there is production growth next year,” Novak told reporters. “Therefore, by maintaining [the output] at the current level we are making a contribution. For us it is, in fact, a reduction of 200,000-300,000 barrels [per day] of production.”
The minister reassured that Russia's position favoring production limits as outlined by President Vladimir Putin has not changed.