Novak Says Domestic Oil Producers May Speed Up Output Cuts In Feb

Novak Says Domestic Oil Producers May Speed Up Output Cuts In Feb
Russian companies may cut oil production quicker than had been initially agreed with OPEC, Russian Energy Minister Alexander Novak says.

Reuters

BUDAPEST, Feb 2 (Reuters) - Russian companies may cut oil production quicker than had been initially agreed with OPEC, Russian Energy Minister Alexander Novak said on Thursday.

"We expect that the companies will stick to the plans, which they had initially introduced. This is the base-case scenario. It is possible that they will speed up (oil output cuts in February)," Novak told reporters in Budapest.

Russia cut oil production by 100,000 barrels per day (bpd) in January and plans to deepen the reduction to 300,000 by the end of April as part of the deal with the Organisation of the Petroleum Exporting Countries aimed at supporting oil prices.

Being on a visit to Hungary with the Russian delegation led by President Vladimir Putin, Novak declined to reveal a possible scale of oil output cut in February.

(Reporting by Denis Dyomkin; writing by Vladimir Soldatkin; Editing by Andrey Ostroukh)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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