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Russia exceeds obligations to reduce oil output on May 1

May 03, 12:06 UTC+3 MOSCOW

Earlier it was reported that according to the agreement with the OPEC Russia needed to reduce oil production by 300,000 barrels per day

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© Yuri Smityuk/TASS Archive

MOSCOW, May 3. /TASS/. Russia exceeded its obligations to reduce oil production on May 1, reducing the output by 300,790 barrels per day against the October level, according to the Russian Energy Ministry.

In April, Russia’s production decreased by 258,600 barrels per day on average, representative of the Ministry said. According to the representative, this implies reduction, which is 58,600 barrels faster than the original plan.

Earlier it was reported that according to the agreement with the OPEC countries Russia needed to reduce oil production by 300,000 barrels per day against October 2016 levels by the end of the first half of the year.

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