VIENNA, December 6. /TASS/. Russia will further cut daily oil production by 70,000 barrels in the first quarter of 2020. Its quota will reach 300,000 barrels per day, Energy Minister Alexander Novak said on Friday.
"The decision was made by OPEC and non-OPEC countries in total, from January 1, 2020 until the end of the agreement, to further reduce production by 500,000 barrels per day, in the first quarter. As far as Russia is concerned, additional production cut out of this figure will be 70,000 barrels [daily] in the first quarter, that is, our quota will be 300,000 barrels [per day] for the first quarter," the minister said.
The decision to increase oil production cuts was made on the basis of the review presented by the monitoring team and the technical committee, Novak said. "We concluded that it feasible to further provide for production cuts for market rebalancing during the period of demand decline in the first quarter. This quota accordingly applies to all countries," he added.
The OPEC+ oil production capping deal is in effect since early 2017 and was repeatedly extended. It was renewed until April 2020 last time.