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News // Middle East and OPEC

Novak sees Russia hitting OPEC plus oil output cut target within 4 months

12 December 2018 , 14:10Neftegaz.RU684

Moscow, December 12 - Neftegaz.RU. Russian energy minister Alexander Novak said on December 11 that Russia could reach its target to cut oil production by 228,000 b/d under the OPEC/non-OPEC production cut agreement within 4 months, Platts reported.

 

«We will try. Each company is in a different situation. Within 4 months is, of course, realistic,» Novak was quoted as saying by the Prime news agency. Earlier Prime cited Novak as saying that Russia would cut output by 50,000-60,000 b/d in January.

 

«The monthly schedule for the output cut has already been [set]... We expect output will be cut by at least 50,000-60,000 b/d in January,» he said.

 

Last week OPEC and non-OPEC agreed to cut output by a total of 1.2 million b/d from January 2019 for 6 months. Of the 400,000 b/d allocated to non-OPEC, Russia said it would cut 228,000 b/d from its October 2018 output, to be brought offline gradually.

 

In October Russia produced a record high of 11.412 million b/d. Russia committed to reduce output step by step, as freezing winter temperatures make a rapid reduction impractical. Russian output is expected to be roughly flat until the end of the year.

 

Alexander Novak also said that the group of oil producing countries maintains its target of keeping global stocks at around the 5-year average under the new deal, which will be reviewed at meetings in April.

 

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