OPEC and Russian oil ministers say they are going faster and doing better than expected in their efforts to cut oil production and boost prices, RadioFreeEurope/RadioLiberty reports.
“We are ahead of schedule and we will continue,” Bloomberg quoted Russian Energy Minister Alexander Novak as saying. “We are doing our best to maximize participation in the fulfillment of the agreement."
Ministers said Russia has been able to reduce supply faster than expected, while Saudi Arabia, Algeria, and Kuwait have already made deeper cuts than required in a deal signed December 10. Novak said that Russia had cut production by about 100,000 barrels a day. Russian energy sources say the country’s output is about 11.1 million barrels a day.
