Russia has reduced oil production by 100,000 barrels per day (BPD) in accordance with OPEC deal, and is ready to do everything possible to maximize its participation in the implementation of the agreement, Russia's Energy MinisterAlexander Novak said Saturday. He added that it was the first time Russia participated in such a deal.
As for the upcoming ministerial meetings on monitoring the implementation of the OPEC deal scheduled for Sunday, Novak said Russia had very positive expectations on it.
A representative of the Russian Energy Ministry said Novak would attend a dinner with members of the Vienna agreements monitoring committee.
On November 30, the OPEC members agreed to reduce output by 1.2 million barrels per day from January 2017 with the aim to stabilize oil prices. Non-OPEC countries that expressed a desire to participate in the agreement, including Russia, are expected to curtail oil production by a total of 600,000 barrels daily.
The signed agreement on oil output reduction would remain in force until mid-2017, with the possibility of prolongation, Sputnik International reports.
