Russian Energy Minister Alexander Novak said that Russia plans to cut oil production by 50,000–60,000 barrels per day in January in the framework of the OPEC+ output cuts agreement.
"There is already a schedule of oil output reduction split by month. It envisages a gradual cut of oil output in accordance with the agreement. We expect to reduce production by some 50,000 - 60,000 barrels per day in January at least," Prime agency cited the minister as saying.
Novak confirmed a plan to meet with executives of oil companies in order to distribute production quotas cut until the end of 2018.
On December 7, OPEC and non-member participants agreed to cut production by 800,000 barrels per day for OPEC and 400,000 barrels per day for non-OPEC states, including 230,000 barrels per day for Russia with the October level set as the base for calculations.
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