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Russia exceeds oil production cut target by 15,000 barrels in Oct 2017

November 02, 16:49 UTC+3 RIYADH

Production was slashed by 315 thousand barrels versus last October, according to the Russian energy minister

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RIYADH, November 2. /TASS/. Russia reduced crude oil production by 315,000 barrels in October 2017 compared with October 2016, Energy Minister Alexander Novak said Thursday.

"Production was slashed by 315 thousand barrels versus (last) October," he said when asked about the reduction in October 2017.

With its output reduction quota amounting to 300,000 barrels, Russia exceeded the target by 15,000 barrels in the reporting period. First the 300,000 barrels goal was hit in May 2017.

In late 2016, OPEC member-states and 11 independent oil-exporting countries entered into an agreement to reduce oil production. According to that agreement, during the first half of 2017 the participants were to withdraw 1.8 million barrels per day from the oil market in comparison with the level of October 2016. In May 2017, at the meeting in Vienna, the countries extended the agreement until April 2018, maintaining the previous quotas for all participants. The purpose of the agreement is to reduce global oil reserves to the average level of the last five years.

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