Novak announced the voluntary production cuts by Russian oil companies


Russian companies will cut oil production only volunteer, said the head of Ministry Alexander Novak.

“Given that we are talking about public or private companies, of course, the reduction mechanism can only be voluntary. We are in contact with our mining companies through 2016, discussed the possibility of coordination and joint action in the oil market with a view to its stabilization. We already had met several times and just last week was another meeting where our companies confirmed their readiness to participate in the agreements reached today”, — quotes the Minister TASS.

According to him, in April — may 2017, Russia will cut production by 300 thousand barrels per day. The total reduction of oil production by OPEC countries and countries outside the cartel will reach 1,7-1,8 million Barr. a day.

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