Russia To Cut Oil Output By 50,000-60,000 Bpd In Jan Under New OPEC Deal - Energy Minister

Russia is planning to reduce oil production by 50,000-60,000 barrels daily in January under the new Organization of the Petroleum Exporting Countries (OPEC) deal on production cuts, Russian Energy Minister Alexander Novak said Tuesday.

MOSCOW (UrduPoint News / Sputnik - 11th December, 2018) Russia is planning to reduce oil production by 50,000-60,000 barrels daily in January under the new Organization of the Petroleum Exporting Countries (OPEC) deal on production cuts, Russian Energy Minister Alexander Novak said Tuesday.

Participants of the OPEC-non-OPEC oil production cut deal agreed during a meting in Vienna on December 7 to reduce overall oil output by 1.2 million barrels per day starting January 2019.

"The schedule for reducing oil production by months has already been made. It provides for a gradual reduction in oil output in accordance with the agreement. We expect that January's production will be reduced at least by about 50,000-60,000 barrels per day," the minister told reporters.