RUSSIA REDUCES ITS OIL OUTPUT BY 300,000 BARRELS PER DAY

Moscow – Russia has reduced its oil output by 300,000 barrels per day, as stipulated in the Vienna deal signed between OPEC and nonOPEC countries, Russia’s Energy Minister Alexander Novak has said.

“On average, Russia cut its oil production by 260,000 barrels per day in April, as in early April, it was reduced by 200,000 barrels per day and then by 300,000 barrels per day as of late April,” RIA Novosti quoted the minister as saying.

In December 2016, OPEC and nonOPEC producers reached their first deal since 2001 to curtail oil output jointly.

Source: Qatar News Agency

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