Russia to gradually reduce oil output by 300,000 bpd if OPEC honors accords - Novak
MOSCOW. Nov 30 (Interfax) - Russia welcomes OPEC's decision to cut oil production down to 32.5 million barrels per day (bpd), Russian Energy Minister Alexander Novak told reporters.
"We welcome the agreement reached by OPEC to limit oil production in the first half of 2017 to 32.5 million bpd, which is equivalent to a reduction by 1.2 million bpd. It is a very important step for the global oil industry, aimed at restoring a healthy balance of supply and demand, and also at maintaining the investment appeal of the industry in the long term," he said.
For its part Russia is ready to join the agreement to stabilize the situation on oil markets, he said.
Russia will gradually reduce its oil production by 300,000 bpd provided that OPEC member states honor their agreements on production, he said. "Based on the outcomes of our active talks, which lasted over the past several months with the key countries that are both OPEC members and not OPEC members, Russia will gradually reduce its oil production in the first half of 2017 to 300,000 bpd," the minister said. "Within a short period of time, depending on the technical capabilities," Novak added.
"Our talks with non-OPEC countries allow us to hope that a number of countries will join the agreement with a total contribution to the oil production decrease of approximately up to 300,000 bpd," he said.