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Russia to cut oil output by 300,000 bpd by end-April - Energy Minister
March 17, 2017 / 3:33 PM / 9 months ago

Russia to cut oil output by 300,000 bpd by end-April - Energy Minister

MOSCOW (Reuters) - Russia will cut its oil output by 300,000 barrels per day by the end of April and will maintain production at that level until the global oil cuts deal expires at the end of June, Energy minister Alexander Novak said on Friday.

FILE PHOTO: The logo of Russian state oil company Rosneft is pictured behind a pipe at the Samotlor oil field outside the of Nizhnevartovsk, Russia, January 26, 2016. REUTERS/Sergei Karpukhin/File Photo

Russia had cut output by 160,000 bpd by the middle of March, said Novak, a figure he said would reach 200,000 bpd by the end of the month.

Asked if it was expedient to prolong the cuts deal that includes OPEC and non-OPEC oil producers, Novak said: “It’s too early to talk about it in the middle of March, (the matter) should be discussed and a decision should be made at the end of April or in the middle of May”.

Novak also said the launch of a new power plant in Crimea, which Russia annexed from Ukraine in 2014, had been delayed by a few months.

Reporting by Oksana Kobzeva and Anastasia Lyrchikova; Writing by Denis Pinchuk; Editing by Andrew Osborn

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