Russia: Crude Oil Production Russia Cuts Oil Production as Part of Vienna Agreement
The Russian Minister of Energy Alexander Novak announced that his country reduced oil production by 307,600 barrels per day in July 2017 compared with October 2016.
Moscow/Russia — Opec and non-Opec countries signed a declaration on cooperation on December 10, 2016 in Vienna. The declaration involved 24 countries reducing production by 1.8 million barrels per day over six months. The declaration was extended for another nine months in late May.
“As of the end of July 2017, the reduction in oil production amounted to 307,600 barrels per day with respect to October 2016. Thus, Russia is fulfilling all its obligations to reduce production”, Alexander Novak said. Russia must maintain this approximate level of reduction until the end of March 2018 in accordance with an agreement between 24 Opec and non-Opec countries. “Since the start of 2017, we have seen a significant recovery in the oil market. As a result of joint actions, more than 350 million barrels of oil were removed from the market."