Baku, Azerbaijan, Feb.27
By Leman Zeynalova – Trend:
The volume of oil production in Russia in February will be lower than in January, the country’s Energy Minister Alexander Novak told reporters Feb.27.
The production cut in February will be higher than 117,000 barrels per day in January, RIA Novosti quoted the minister as saying.
Recalling that OPEC and non-OPEC countries, participating in Vienna output cut deal, have reached the compliance level of 86 percent, Novak expressed confidence that the oil producers will fulfill their obligations under this deal.
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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