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Kremlin: Russia is meeting all obligations on reduction of oil production

January 10, 13:30 UTC+3

On December 10, OPEC and non-OPEC countries signed the agreement on joint reduction of oil output

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© Viktor Drachev/TASS

MOSCOW, January 10. /TASSS/. Russia is meeting all obligations on reduction of oil production, Russian Presidents’ spokesman Dmitry Peskov said.

"There are agreements Russia is part of. Of course, the Russian party is meeting all the points of those agreements and the obligations it took," Peskov told reporters.

He did not give any specific examples of oil production cuts and recommended reporters to address the Energy Ministry.

On December 10, OPEC and non-OPEC countries signed the agreement on joint reduction of oil output at a meeting in Vienna. Also, 11 countries will join the announced cut by OPEC members of 1.164 mln barrels per day in the first half of next year, and reduce production by another 558,000 barrels per day. Thus, the total crude oil production cut will amount to 1.7-1.8 mln barrels per day.

Russia’s Energy Ministry received an invitation to a meeting of the ministerial committee for the control over oil production under OPEC, which will take place in Vienna on January21-22, a spokesman with the ministry told TASS.

The Ministerial Committee on monitoring of production was created under OPEC to control the implementation of the agreement on oil production cut by the countries of the cartel and independent producers. The committee is composed of five ministers, three from the OPEC countries (Kuwait, Venezuela and Algeria) and two from countries outside the organization (Russia and Oman).

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