Russia Hits 250,000 Bpd Oil Production Cut Milestone

22 Apr 2017   OPEC, Russia

Russia has cut 250,000 bpd of its crude oil output, with another 50,000 bpd to go as per its agreement with OPEC, Energy Minister Alexander Novak told media today, adding that the other 50,000 bpd will be cut by the end of the month. The undertaking took as basis the country’s record-high October output, which exceeded 11 million bpd. Earlier this month, Novak said that the ministry will start discussing Russia’s possible participation in the production cut extension that is currently being negotiated by OPEC members in order to increase prices further, having failed to push them up to $60 a barrel since the start of the year. Novak said last week that “It still remains unclear whether the agreement should be extended. We’ll have consultations with our companies and other countries in the nearest future, and we have to see how he situation unfolds in April and consider […]

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