Russia to cut oil production gradually: Energy minister
Initial oil cut will be at least 50,000 barrels a day, Alexander Novak says
By Ovunc Kutlu
ANKARA
Russia will cut its oil output gradually after its deal with OPEC, with plans in place to initially lower its production by at least 50,000 barrels per day (
“There is already a schedule of oil output reduction split by month. It envisages a gradual cut of oil output in accordance with the agreement," Novak was quoted as saying in a report by Russia's Prime Business News Agency.
"We expect to reduce production by some 50,000 - 60,000
Novak said he also plans to meet with executives of Russian oil companies in order to distribute production quota cuts up to the end of 2018, according to the report.
The initial level is way less than the country stated as part of the deal between OPEC and non-OPEC oil producing countries that was reached in Vienna last week.
Novak said last Friday that Russian crude oil production reached 11.4 million
As part of the deal, while non-OPEC producers, including Russia, will trim their total supply by 400,000
Moscow's plan to gradually lower its oil production could be due to seasonal constraints as it is harder for Russia to trim its output during the winter.
"For us it is much more difficult to cut than for other countries, stemming from our climatic conditions. That is a specific characteristic of our oil production sector," Novak was quoted as saying on Dec. 6 by Russian news agency Interfax.
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