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Russia has Made up a Schedule for Reducing Oil Production by Months
18.12.2018 00:05
Russia has Made up a Schedule for Reducing Oil Production by Months

Russia has made up a schedule for reducing oil production by months within the frame of the OPEC + transaction, as TASS quotes the words of Energy Minister Aleksandr Novak.

      In January, it is planned to reduce production by 50-60 thousand barrels per day.

      According to Novak, the schedule of monthly production implies “a smooth, gradual decrease in production in accordance with the agreements”. “The Head of the Energy Ministry also reported that he would hold a meeting with oil companies in December: it is planned to discuss the implementation of the transaction at that meeting.

      The OPEC + transaction was concluded in Vienna last week. Russia agreed to reduce production by 228 thousand barrels per day to reach the level of October 2018. Back then oil production volume amounted to 11.4 million barrels per day. As Novak stated, the main task of the transaction was to achieve a reduction in reserves, “so that they do not rise above the five-year average level”.

      Read More Articles on Business in Russia


Author: Anna Dorozhkina

Tags: Russian oil Russian business    

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