12/7/2018, 6:09 PM (Source:
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Novak: Cuts to be gradual, will take several months

Russian Energy Minister Alexander Novak said on Friday his country would cut some 228,000 barrels per day under the new output cuts agreed with the Organization of Petroleum Exporting Countries (OPEC) and allied producers earlier in Vienna. He added that the cuts are to be implemented in a gradual fashion and expects Russia will reach that target in the next few months.

Earlier, major oil producers reached a preliminary deal to cut oil production by 1.2 million barrels per day with OPEC reducing its output by 800,000 bpd, while Russia and allied producers will take a further 400,000 bpd off the market.

Breaking the News / JC