Agreement to curtail oil production reached by OPEC countries and 11 other oil producing states, with Russia among them, will not affect Russia’s long-term contracts on oil supplies sealed in intergovernmental agreements, Russia’s Energy Minister Alexander Novak told reporters on Saturday, TASS reported.
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"The long-term contracts signed by companies and mentioned in intergovernmental agreements will not be subject to this reduction," Novak said, noting the agreements would be implemented in full as the amount of oil output cuts would be insignificant.
"The companies are to regulate reduction in their other directions," Novak said.