Russia plans to cut oil production by up to 300,000 barrels per day
Russia plans to reduce oil production to 10.947 million barrels per day, based on its agreement with OPEC countries, the Russian Minister of Energy, Alexander Novak stated, Interfax reported.
According to CDU TEK, Russia was extracting 11.247 million barrels per day in October. "10.947 million barrels per day is the end result of the reduction plan," Novak said, referring to data from CDU TEK.
Novak also discussed the pace of reduction of oil production by Russia. By March, production should be reduced by 200 thousand barrels per day. After that, there is a plan to immediately reduce production by 300 thousand barrels per day. He noted that some Russian oil companies have already begun implementing concrete actions to reduce oil production.
The announce comes amid global talks to cut oil production in order to raise prices.