Russia cut oil production to 200 thousand barrels per day

Russia cut oil production to 200 thousand barrels per day

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This was announced by Russian energy Minister Alexander Novak


Photo: TASS/Egor Aleev

Oil production in Russia in the framework of the agreement with the OPEC already reduced by 200 thousand barrels per day by the end of April production will be reduced by 300 thousand barrels. The journalists of CNBC said the head of Ministry Alexander Novak.

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“Russia gradually reduces production, the reduction of production in January-February took place at a faster pace. Today we have left in March to reduce production by 200 thousand barrels per day,” Novak was quoted by TASS.

He also said that soon the expected output rate in accordance with the agreement by the end of April — it is 300 thousand barrels. As of mid-March, Russia has reduced oil production by 160 thousand barrels per day.

Agreement on production cuts between OPEC and independent producers expires in June 2017. On 25 may, the parties to the agreement will consider the possibility of extending the validity of the document.

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