Russian companies to follow OPEC+ oil cut pledge

Russian oil companies will cut their output proportionally with an agreed total volume of 228,000 barrels per day, Russian Energy Minister Alexander Novak said.

Russian companies confirmed their willingness to participate voluntarily in the framework of joint actions by the OPEC and non-OPEC producers, Novak said after a meeting with Russian producers, Xinhua reported.

Earlier this month, the OPEC and non-OPEC producers agreed to cut crude oil production by a total of 1.2 million bpd from January 2019 for an initial period of six months. The OPEC members will contribute 0.8 million bpd and non-OPEC members, including Russia, will contribute 0.4 million bpd from the October level.