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Russia’s schedule for reducing oil output to be ready before meeting with OPEC

Russia’s Energy Minister Alexander Novak noted that Moscow is ready to discuss extension of output reduction with OPEC

MOSCOW, December 1. /TASS/. Russia’s schedule for reducing oil output will be ready before the meeting with OPEC, Russia’s Energy Minister Alexander Novak told reporters.

"It will be ready before the meeting with OPEC," he said.

Novak added that Moscow is ready to assume additional measures within the agreements on oil output reduction with OPEC and non-OPEC countries, including the initiative to extend the period of reduction.

"I think our cooperation is long-term. If the agreement is implemented and it is necessary to assume additional measures obviously we will be in," he said.

According to the Minister, Russia is interested in participating in the committee on oil production control, within the agreements reached with OPEC about output reduction.

"I think we will participate. We’ve been invited and we won’t reject the offer as I think it is important to monitor how the agreements are implemented," he said.

On Wednesday OPEC countries agreed to cut oil production to 32.5 mln barrels per day, which means those countries will reduce their daily average output by 1.164 mln barrels starting January 1, 2017.

Now OPEC will have to make a similar deal with non-OPEC members. The cartel expects them to cut crude production by 600,000 barrels per day in 2017, including a reduction of 300,000 barrels per day by Russia.

The meeting that is likely to see this agreement made will be held on December 9.

A ministerial control committee headed by Kuwait has been set up for monitoring the agreements reached, both inside OPEC and regarding non-OPEC members. The committee will include representatives of Algeria, Venezuela and two non-OPEC member-states. According to Venezuela’s Oil Minister Eulogio del Pino, Russia will be among them.