Russia To Cut Oil Output By 228,000 Bpd Under OPEC-Non-OPEC Deal In Jan-Mar 2019- Minister

Russia will reduce oil production by 228,000 barrels per day in the framework of the OPEC-non-OPEC deal in early 2019, Russian Energy Minister Alexander Novak said on Tuesday

MOSCOW (UrduPoint News / Sputnik - 18th December, 2018) Russia will reduce oil production by 228,000 barrels per day in the framework of the OPEC-non-OPEC deal in early 2019, Russian Energy Minister Alexander Novak said on Tuesday.

"[Russia will reduce oil production] during the first quarter [of 2019]," Novak told reporters.

On December 7, participants of the OPEC-non-OPEC oil output cut deal agreed to reduce overall production by 1.2 million barrels per day starting from the next year, with a view to signing the charter on future long-term cooperation in the first quarter of 2019. OPEC member states will cut production by 800,000 barrels per day and non-OPEC countries by 400,000 barrels per day.

Russia will reduce oil production by about 228,000 barrels per day from the level of October 2018 under the deal.