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Russia: Russia joins OPEC deal by slashing output by 300,000 bpd - Novak01:27

Russia: Russia joins OPEC deal by slashing output by 300,000 bpd - Novak

Russian Federation, Moscow
November 30, 2016 at 18:27 GMT -00:00 · Published

"Russia will gradually reduce oil production in the first six months of 2017 by 300,000 barrels a day," Russian Energy Minister Alexander Novak stated following the 171st OPEC ministerial meeting in Vienna on Wednesday. The announcement came after members of Organisation of the Petroleum Exporting Countries (OPEC) agreed to reduce their output by 32.5 million barrels a day, which is around 4.5 percent of current production.

Speaking at the press conference, Novak stressed that Russia greeted OPEC's decision to reduce all oil output in the first six months by about 1.2 million barrels per day. He said: "We believe it is a very important step for the world oil industry aimed in the first place at stabilising the balance between supply and demand as well as strengthening investment prospects for the oil industry in the long-term perspective."

Moreover, the Novak noted that Russia expected other non-OPEC states to join the deal.

The first cut in oil production in eight years is aimed at boosting oil prices above $50 (€47.2) a barrel.

Russia: Russia joins OPEC deal by slashing output by 300,000 bpd - Novak01:27
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"Russia will gradually reduce oil production in the first six months of 2017 by 300,000 barrels a day," Russian Energy Minister Alexander Novak stated following the 171st OPEC ministerial meeting in Vienna on Wednesday. The announcement came after members of Organisation of the Petroleum Exporting Countries (OPEC) agreed to reduce their output by 32.5 million barrels a day, which is around 4.5 percent of current production.

Speaking at the press conference, Novak stressed that Russia greeted OPEC's decision to reduce all oil output in the first six months by about 1.2 million barrels per day. He said: "We believe it is a very important step for the world oil industry aimed in the first place at stabilising the balance between supply and demand as well as strengthening investment prospects for the oil industry in the long-term perspective."

Moreover, the Novak noted that Russia expected other non-OPEC states to join the deal.

The first cut in oil production in eight years is aimed at boosting oil prices above $50 (€47.2) a barrel.

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