Novak: Russia to cut output by 300,000 b/d in stages
Russian energy minister Alexander Novak stated his country agreed to decrease oil production “in stages” by 300,000 barrels per day (b/d) in the first half of 2017, based on its technical capabilities.
This comes after the Organization of the Petroleum Exporting Countries (OPEC) managed to reach an agreement earlier today to cut oil output by 1.2 million barrels per day (mb/d) to 32.5 mb/d starting from January 2017.
The OPEC also said other major oil producers pledged to participate with production cuts of 600,000 b/d in total.
Novak said today’s OPEC decision was “historically important.”