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Page added on March 20, 2017

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Russia to cut oil output by 300000 bpd by end

Production

Russia will cut its oil output by 300,000 barrels per day by the end of April and will maintain production at that level until the global oil cuts deal expires at the end of June, Energy minister Alexander Novak said on Friday.

Russia had cut output by 160,000 bpd by the middle of March, said Novak, a figure he said would reach 200,000 bpd by the end of the month.

Asked if it was expedient to prolong the cuts deal that includes OPEC and non-OPEC oil producers, Novak said: “It’s too early to talk about it in the middle of March, (the matter) should be discussed and a decision should be made at the end of April or in the middle of May”.

Novak also said the launch of a new power plant in Crimea, which Russia annexed from Ukraine in 2014, had been delayed by a few months.

reuters



2 Comments on "Russia to cut oil output by 300000 bpd by end"

  1. Cloggie on Mon, 20th Mar 2017 10:24 am 

    More attempts to keep prices from sliding.

  2. rockman on Tue, 21st Mar 2017 8:32 am 

    Russia does have the advantage of not being as dependent upon oil as the KSA. Putin may actually be adjusting for the long term benefit of future generations. Granted not but much but preserving a bit of its reserve base.

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