Russia reduces oil output by 117,000 b/d
Baku, Azerbaijan, Feb.2
By Leman Zeynalova – Trend:
Russia has reduced the oil production by 117,000 barrels per day, said the country’s Energy Minister Alexander Novak.
He made the remarks during the meeting of government members with Russian President Vladimir Putin, according to Kremlin's website.
The majority of the participating countries have started the implementation of the OPEC deal, the minister said, adding that thus the total reduction of oil output in January stood at around 1.4 million barrels per day.
“Some countries have reduced the production more than the planned volume and are ahead of the schedule,” said Novak.
During a meeting in Vienna, Austria, on Nov. 30, 2016, OPEC members decided to implement a new production target of 32.5 million barrels per day. Later, non-OPEC countries agreed to cut the output by 558,000 barrels per day during the meeting held Dec. 10, 2016.
Eleven non-OPEC countries – Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan, and South Sudan – agreed to reduce the oil output.
OPEC and non-OPEC countries pledged to start implementing the deal from Jan. 1, 2017 for six months, extendable for another six months.
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