Russia plans to cut its oil output by at least 50,000 to 60,000 barrels per day (bpd) in January, its energy minister said on Tuesday, less than its final target under a global production deal reached last week, aiming for gradual, smooth reductions. Russian Energy Minister Alexander Novak attends a session of the Russian Energy Week international forum in Moscow, Russia October 3, 2018. REUTERS/Sergei Karpukhin This would mean Russian oil output coming in at around 11.35 million bpd next month, off the post Soviet-record high of 11.41 million bpd reached in October and down from 11.37 million bpd last month. Energy Minister Alexander Novak reiterated to reporters that the country planned to cut its oil output gradually. “Everything will depend on technological and climate possibilities. We will get proposals from the companies,” Novak said. “We will see how the situation would evolve,” added Novak, […]