Russia cuts oil output by 250,000 bpd
Russia has reduced its oil output by 250,000 barrels per day as of April as compared to the output recorded in October 2016, the country’s Energy Minister Alexander Novak told reporters on April 21.
“In accordance with the plan, we should cut the output by 300,000 barrels per day by late April,” RIA Novosti quoted Novak as saying.
Russia 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 the output by 558,000 barrels per day starting from Jan. 1, 2017 for six months, extendable for another six months.
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 barrels per day.
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