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Energy minister says Russia outpaces its February schedule of oil production cut

Russia undertook to cut its oil production by 300,000 barrels per day in the first half of 2017

© EPA/WALLACE WOON

TEHRAN, February 20. /TASS/. Russia is ahead of its February schedule for oil production cut, Russian Energy Minister Alexander Novak told reporters on Monday.

"We are generally ahead of the schedule in place," the minister said responding to the question regarding Russia’s production cut rates in February.

OPEC deal compliance

Russian Energy Minister Alexander Novak and Iran’s Oil Minister Bijan Namdar Zangeneh plan to discuss a range of issues tomorrow, including compliance with oil production limiting agreements:

Read also

IEA increases 2017 global oil demand outlook

"The list of issues is standard and pertains to the oil and gas sector and the market situation, considering that Iran and Russia are parties to the agreement signed in Vienna," Novak said.

On December 10, 2016, OPEC and non-OPEC countries signed an agreement on joint reduction of oil output at a meeting in Vienna.

Thus, 11 non-cartel countries (Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, the Republic of Sudan and South Sudan) will join the cut announced by OPEC members of 1.164 mln barrels per day in the first half of this year, and reduce production by another 558,000 barrels per day. The total crude oil production cut will amount to 1.7-1.8 mln barrels per day. Russia undertook to cut its oil production by 300,000 barrels per day in the first half of 2017.

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