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Russia to reduce liquids output by 50,000-60,000 b/d in Jan under OPEC deal: Novak

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Russia to reduce liquids output by 50,000-60,000 b/d in Jan under OPEC deal: Novak

  • Author
  • Nadia Rodova
  • Editor
  • Alisdair Bowles
  • Commodity
  • Oil
  • Topic
  • OPEC/non-OPEC Supply Cuts

Moscow — Russia will cut its liquids output by 50,000-60,000 b/d in January under the latest agreement with OPEC, energy minister Alexander Novak said Tuesday.

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"The monthly schedule for the output cut has already been [set]... We expect output will be cut by at least 50,000 b/d-60,000 b/d in January," he said, as reported by Prime news agency.

The report did not elaborate on the plan for subsequent months, which will see Russia eventually reduce output by 228,000 b/d.

Novak also said that the group of oil producing countries maintains its target to keep global stocks at around the five-year average under the new deal, agreed last week in Vienna.

Last Friday, OPEC and 10 non-OPEC countries led by Russia agreed to reduce combined output by 1.2 million b/d, with the new six-month deal effective from January. OPEC will cut 800,000 b/d, or 2.5% of production for each member, with non-OPEC partners reducing production by 400,000 b/d, or 2%.

Russia committed to reduce output step by step, as freezing winter temperatures in the country make a rapid reduction impractical.

October's production levels will be used as baseline for the cuts.

The group is to meet in April to review the progress of the deal.

-- Nadia Rodova, nadia.rodova@spglobal.com

-- Edited by Alisdair Bowles, newsdesk@spglobal.com

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