In Russia Govt to cut oil output by 300,000 barrels per day

Responding to a decision by OPEC Wednesday to reduce crude output to lift prices, Novak said Russia was ready to cut its own oil production.

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An employee of Russian gas and oil giant Gazprom works in Novoprtovskoye oil and gas condensates oilfield at Cape Kamenny in northern Russia in February 2015 play

An employee of Russian gas and oil giant Gazprom works in Novoprtovskoye oil and gas condensates oilfield at Cape Kamenny in northern Russia in February 2015

(AFP/File)
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Russian Energy Minister Alexander Novak,has revealed plans to reduce the barrels of production from 2017.

Responding to a decision by OPEC Wednesday to reduce crude output to lift prices, Novak said Russia was ready to cut its own oil production by 300,000 barrels a day next year.

"Russia will progressively reduce its oil production by 300,000 barrels a day in the first half of 2017," Novak was quoted by the state agency Ria-Novosti as saying, adding the move was conditional on the OPEC decision being "upheld."

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