Russia cuts oil output by 300,790 bpd
By Trend
Oil production in Russia has dropped by 300,790 barrels per day
as of May 1, 2017, compared to the output recorded in October 2016,
a source in Russian Energy Ministry told RIA Novosti.
“On average, the country’s oil production has dropped by 258,600 in
April,” added the source.
Earlier, Russia’s Energy Minister Alexander Novak said that Russia
will cut its average daily volume of oil production by
50,000-100,000 barrels from January, 200,000 barrels – as of March
and will reach the targeted level of 300,000 barrels per day in
April-May.
Later he said that Russia has decreased its crude output by 298,000
barrels per day as of Apr. 27 and assured that the country will
reach the targeted level by Apr. 30.
Russia has 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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