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Russia’s oil production down 300,740 barrels per day

January 10, 11:17 UTC+3 MOSCOW

Russia fulfilled its obligations under the agreement of the OPEC and non-OPEC countries, the energy minister said

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MOSCOW, January 10. /TASS/. Russia reduced oil production by 300,740 barrels per day in December 2017 as part of the OPEC + deal, Russian Energy Minister Alexander Novak told reporters.

"Russia fulfilled its obligations to reduce oil production under the agreement of the OPEC and non-OPEC countries," he said.

OPEC and oil exporting countries outside the cartel reached an agreement on reduction of oil production at the end of 2016. According to the agreement terms, the participants should reduce production by a total of 1.8 mln barrels per day against the level of October 2016. The largest quotas for reduction of oil output belong to Saudi Arabia (486,000 barrels per day) and Russia (300,000 barrels per day). Russia has reached its quota in May of 2017 and has since maintained it.

The deal, originally effective in the first half of 2017, has already been extended twice, first time until the end of March 2018, and most recently - until the end of 2018. Its goal is to remove surplus of world oil reserves, which at the beginning of 2017 exceeded the five-year standard by 380 mln barrels. By October, surpluses were reduced to 150 mln barrels.

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