Russian oil companies will cut their output proportionally with an agreed total volume of 228,000 barrels per day (bpd), Russian Energy Minister Alexander Novak said Friday.
Russian companies confirmed their willingness to participate voluntarily in the framework of joint actions by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers, Novak told reporters after a meeting with Russian producers.
Earlier this month in Vienna, the OPEC and non-OPEC producers agreed to cut crude oil production by a total of 1.2 million bpd from January 2019 for an initial period of six months.
The OPEC members will contribute 0.8 million bpd and non-OPEC members, including Russia, will contribute 0.4 million bpd from the October level.
Russia is to cut production by 2 percent from October's output of 11.4 million bpd, Novak said then.
The new output reduction deal came at a time when oil prices declined around 30 percent over the last two months due to an oversupply in the global market.
Editor:Cherie
