(Adds detail, no comments from Deputy PM)
MOSCOW May 3 Russia's oil production on May 1
was 300,790 barrels per day (bpd) below the level in October,
meaning it has cut output by more than was demanded under a pact
between OPEC and other producers, Russia's Energy Ministry said
The Organization of the Petroleum Exporting Countries, along
with Russia and other non-OPEC producers, pledged to cut output
by 1.8 million bpd in the first half of 2017.
Under the deal, Russia pledged to reduce its average daily
production gradually by 300,000 barrels to 10.947 million bpd
from the October level of 11.247 million bpd.
With global crude inventories still bulging, investors are
now focussed on whether OPEC and others will agree to extend the
cuts to the second half of the year. The issue will be discussed
by the group of producers at an OPEC meeting on May 25.
Russian Energy Minister Alexander Novak has said he would
meet managers of key Russian oil producer before the OPEC event
to discuss extending the cuts. Industry sources say such a
meeting has yet to take place.
Novak declined say on Friday on whether Russia would support
an extension to the pact. Russia's Deputy Prime Minister Arkady
Dvorkovich also declined to comment when asked on Wednesday.
(Reporting by Olesya Astakhova in Moscow and Denis Pinchuk in
Sochi; Writing by Dmitry Solovyov; Editing by Maria Kiselyova
and Edmund Blair)