Russia to cut oil production by 100,000 b/d in January to 11.1-11.15 mln b/d
VIENNA. Jan 22 (Interfax) - Russia will reduce its oil production by 100,000 barrels per day (b/d) in January, Russian Energy Minister Alexander Novak told journalists on Sunday.
The initial plan was to cut by 50,000 b/d.
"Over the 20 days, the [production cut] parameters of around 100, 000 b/d have remained. Most likely it will be so [by the end of January]," he said.
Asked whether Russia could reach its target for the oil production reduction as early as February and not March, as was announced earlier, Novak said: "I think our companies will be implementing their plans based on the maximum speed of achieving the agreement. How things go we'll be monitoring post factum because Russia has its peculiarities with regard to an abrupt reduction. Currently our companies are working around possibilities that exist."
Today all Russian companies are implementing the agreement, he said.
Thus, by the end of January Russia will have reached the production level of 11.1-11.15 million b/d, Novak said.
Russia counts the reduction from October's level of 11.247 million b/d. Thus, the reduction in January could be 100-150,000 b/d.