The company discussed with the Ministry of energy parameters of the reduction of oil production

By March 2017 the volume of oil production by Russian companies should be reduced on 200 thousand Barr./day, and by April the daily oil production is planned to cut by 300 thousand, told reporters the head of “Transneft” Nikolay Tokarev, on Wednesday took part in the meeting of representatives of oil companies with energy Minister Alexander Novak.

“Growth will be gradual… of Course, will be sensitive, but there’s not such amounts are deadly, so we very much upset,” said Tokarev, answering the question about the reduction of exports after a decline in oil production.

According to the first Executive Vice-President for exploration and production of LUKOIL Ravil Maganova, common to all oil producers, the reduction schedule approved at the meeting was not. According to the agreement, the company will reduce the amounts in proportion to their share in the total domestic oil production.

“Each company will look myself. There are certain proportions of oil production. Companies will reduce production considering its features. This is a basic,” explained Ivan.

According to CEO of “Gazprom Neft” Alexander Dyukov, it is necessary that the total amount of oil production in Russia decreased in accordance with the country commitments and the details of the implementation of the agreement, the company will be able to reach an agreement.

“A possible agreement between the companies. Importantly, the production of the Russian Federation has decreased on 300 thousand Barr./d]. We can negotiate,” — said Dyukov.

The head of Zarubezhneft Sergei Kudryashov said that the problem of a decline in oil production will not apply to foreign projects of Russian companies. “We cut only production in Russia, specifically our company can do it for half an hour”, — he explained. According to Kudryashov, the proportion in which the companies have to cut production, will calculate the energy Ministry.

OPEC countries at the meeting on 30 November decided on the reduction of its production in early 2017 by 1.2 million bbl./day. 10 Dec 11 countries outside OPEC (including Russia, Kazakhstan, Azerbaijan, Oman and Bahrain), pledged with a January 2017 in total to reduce the volume of oil production at 558 thousand Barr./day. Russia plans to gradually reduce production in the first half of 2017 for 300 thousand Barr./day.

“The ultimate goal is 10,947 thousand Barr./day according to our classification,” said December 10 Novak, explaining that all the Russian companies will cut oil production only voluntarily.