Russia agreed to cut oil production

Россия согласилась сократить добычу нефти

Russia has agreed to reduce oil production

Moscow is ready to accede to the agreement by OPEC to stabilize oil markets.

Russia agree to reduce oil production by 300 thousand barrels per day, said energy Minister Alexander Novak.

Today OPEC agreed to cut oil production by 1 January 2017 at 1.2 million barrels per day. After reducing the level of oil production should reach 32.5 million barrels per day.

According to the Minister, Moscow is ready to join the agreement on stabilization of the situation on the oil market if OPEC will abide by the agreement.

“We welcome the achievement of an OPEC agreement to limit oil production in the first half of 2017 to the level of 32.5 million barrels per day, equivalent to reducing 1.2 million barrles a day,” said Novak.

The Minister urged other countries not included in OPEC, will also join the agreement and reduce oil production by 300 thousand barrels per day.

We will note, in November in the world produced a record amount of oil.