Russia to cut oil output by 50,000 bpd by end of January

Russia to cut oil output by 50,000 bpd by end of January

Russia has started to further cut its oil production and the level of reduction is expected to reach 50,000 barrels per day (bpd) by the end of January, Russian Energy Minister Alexander Novak said yesterday, Xinhua reported.

"We are reducing production since October. Our companies stated that they could reach a total reduction of about 50,000 bpd this month compared with October 2018. We could probably reach this figure by the end of the month," Novak was quoted as saying by Sputnik news agency.

According to the minister, Russia's current level of oil output reduction has exceeded 30,000 bpd.

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