Russia has agreed to reduce oil production following the OPEC

Russia welcomes the achievement of the OPEC on reduction of oil production and is ready to join the agreement. This was stated by Minister of energy of Russia Alexander Novak.

Countries-members of OPEC agreed to reduce oil production in the first half of 2017 at the level of 32.5 million barrels. a day. Novak noted that Russia would implement the agreement, if OPEC would abide by her duties with the amendment on Indonesia, which has decided to suspend its membership in the cartel.

“Russia will gradually reduce production in the first half of 2017, in the amount up to 300 thousand Barr. a day in a short time, on the basis of their technical capabilities,” quoted Novak in the press service of the Ministry received .

According to the head of Department, step, which went to OPEC members, is important for the industry as a whole. His goal is to restore “a healthy balance of supply and demand as well as maintaining the investment attractiveness of the industry in the long term.”