Russia to decrease oil output by 50,000 bpd in January

Economy 1/11/2019, 6:08 PM
Russia to decrease oil output by 50,000 bpd in January

Russian Energy Minister Alexander Novak stated on Friday that his country plans on reducing its oil output by 50,000 barrels per day in January, local media reported. According to the official, the decline in crude production is kept in line with the output cut deal agreed upon by the Organization of the Petroleum Exporting Countries (OPEC) and other major oil producers earlier in December.

Meanwhile, Novak noted that are currently no discussions about the extraordinary OPEC+ meeting.

Earlier today, the minister stated that Russian oil industry outperformed in 2018, marking a 16% increase in crude production compared to 2017. "In the oil industry, in 2018, we produced 556 million tons of oil by the end of the year. This is 10 million tons more than in 2017," said Novak.

Breaking the News / VK

Keywords:
Share:

Brent Crude (...+2.34%

62.58
Chart for: F BRN 3/19

F WBS+2.76%

53.91
Chart for: F WBS 3/19