Novak on Russia's compliance with deal to cut oil output

Russia is complying fully with its pledge to cut oil production gradually, Russian Energy Minister Alexander Novak said.

According to the minister, Russian oil production decreased by 47,000 barrels per day (bpd) in January from October, the baseline for the global deal aimed at reducing oil supply.

"Russia is completely fulfilling its obligations in line with earlier announced plans to gradually cut production by May this year," Reuters cited Novak as saying.

OPEC and other global oil producers agreed in December to cut their combined output by 1.2 million bpd in order to support oil prices and try to balance the market.