Russia cut oil output under OPEC agreement

Russia has already cut oil production under a deal with OPEC by 200,000 barrels a day and plans to reduce it by 300,000 barrels a day by late April, the Russian Energy Minister Alexander Novak told CNBC at the Arctic forum in Russia’s Arkhangelsk.

Earlier reports said as of March 25 Russia reduced oil production by 185,000 barrels per day under the agreement with OPEC. 

Russia undertook to slash oil production by 300,000 barrels per day starting from January 2017 compared with October 2016 or by 2.7%, TASS reported.