Twelve militants of Islamic Jihad Mujahideen Jamaat grouping detained in KaliningradSociety & Culture April 27, 2:14
Russian Prosecutor General’s Office finds another 3 NGOs to be undesirableRussian Politics & Diplomacy April 26, 21:42
Moscow ‘seriously concerned’ about Turkish airstrikes in Iraq, SyriaRussian Politics & Diplomacy April 26, 20:55
North Korea ‘neither fears war nor wants to avoid it,’ says country’s UN missionWorld April 26, 20:37
Russia’s Emergencies Ministry to continue helping Serbia in mine clearance in 2017Military & Defense April 26, 20:20
Putin says Russia, China maintain relations at 'unprecedentedly high level'Russian Politics & Diplomacy April 26, 20:02
Polls shows number of happy Russians at record-breaking historic highSociety & Culture April 26, 19:27
IS recruiting Taliban fighters in Afghanistan — Russia’s General StaffMilitary & Defense April 26, 18:49
Coffin with presumed remains of 19th century Russian general dug up in TurkeySociety & Culture April 26, 18:26
MOSCOW, January 12. /TASS/. Russia is performing its obligations within the framework of agreements with OPEC and non-OPEC countries and started phased contraction of oil production, Energy Minister Alexander Novak told reporters on Thursday.
"Russia is honoring its obligations; we started phased reduction of [oil] production," Novak said.
Oil production cut is underway in advance of oil companies’ plans, the minister said. "We reduced in 10 days even more than companies planned and intended," Novak added.
Novak said Russia is ready to discuss Kuwait’s proposal on monitoring of production and export volumes within the framework of agreements with OPEC and non-OPEC countries. However, Russia believes that oil production volumes should exactly be monitored, the minister said.
"We will discuss that on January 21-22, when we will have a monitoring group meeting. We have always held the position that the balance of market demand and offer [should be calculated] on the basis of produced and consumed resources and not to record production and export individually," Novak said. Export recording should cover export of oil and oil products also, he added.
Several countries participating in the agreement between OPEC and non-OPEC countries already informed about initiated oil production cut, such as Saudi Arabia, Iraq, UAE, Kuwait, Azerbaijan, Kazakhstan and others.
According to the agreement, Russia will reduce oil production by 300,000 barrels daily.