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Russia 'affirms' output cut

Russia plans to cut its oil output from November-December levels as part of its agreement to stabilise global oil markets together with Opec, Energy Minister Alexander Novak was reported as saying on Thursday.

Novak said a day earlier Russia was ready to cut oil production by up to 300,000 barrels per day in the first half of 2017 as a part of its agreement with Opec, according to Reuters.

"It will be an equal approach, an equal cut by all (Russian) companies, but we will work out (details) additionally... In general, there is an understanding that this (cut) should be equal in percents for all," Novak said. He did not elaborate.

Opec agrees oil output cuts

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Rosneft is Russia's top oil producer, followed by Lukoil, Surgutneftegaz and Gazprom Neft. Rosneft and Gazprom Neft declined to comment, while Lukoil and Surgut did not reply to Reuters requests seeking a comment.

Russia's oil output set a new post-Soviet era record high in October, rising 0.1% from September to 11.2 million bpd.

Novak also said Azerbaijan, Kazakhstan, Mexico, Oman, Bahrain and other non-Opec producers could join the deal.

Other non-Opec countries are expected to contribute a cut of 300,000 bpd in addition to Russia.