Russia Says May Speed Up Oil Output Cuts
SOCHI, Russia, Feb 27 (Reuters) - Russia may cut oil production as part of an OPEC-led agreement designed to boost prices faster than it had previously expected, if its domestic companies are able, Energy Minister Alexander Novak said on Monday.
Russia had said it would cut oil output by 200,000 barrels per day (bpd) by the end of the first quarter compared with October's levels, and by a further 300,000 bpd in April as part of the global deal.
"We will be aiming to cut faster ... Depending on companies' capabilities," Novak told reporters on the sidelines of a conference in a Black Sea resort of Sochi.
The deal between the Organization of the Petroleum Exporting Countries and other oil producers led by Russia in December, envisaged total cuts of around 1.8 million bpd during the first half of the year.
There has been a debate about whether the cuts should be prolonged in the second half of the year.
"We will be able to look into the situation in April-May," Novak said.
He added that Russia will cut oil production in February by more than the 117,000 bpd it reduced in January.
Novak confirmed earlier reports that OPEC and non-OPEC combined production cuts for January stood at 86 percent of initial targets, described by the International Energy Agency as "one of the deepest" in history.
The minister said he expected the countries party to the deal to comply fully with their pledges.
(Reporting by Olesya Astakhova; writing by Vladimir Soldatkin; editing by Louise Heavens and David Evans)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Rooftop Solar Now 4th Largest Source of Electricity in Australia
- US Confirms Reimposition of Oil Sanctions against Venezuela
- EU, Industry Players Ink Charter to Meet Solar Energy Targets
- Analyst Says USA Influence on Middle East Seems to be Fading
- Russian Ships to Remain Banned from US Ports
- Brazil Court Reinstates Petrobras Chair to Divided Board
- EIB Lends $425.7 Million for Thuringia's Grid Upgrades
- Var Energi Confirms Oil Discovery in Ringhorne
- Seatrium, Shell Strengthen Floating Production Systems Collaboration
- An Already Bad Situation in the Red Sea Just Got Worse
- What's Next for Oil? Analysts Weigh In After Iran's Attack
- USA Regional Banks Dramatically Step Up Loans to Oil and Gas
- EIA Raises WTI Oil Price Forecasts
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Venezuela Authorities Arrest Two Senior Energy Officials
- Namibia Expects FID on Potential Major Oil Discovery by Yearend
- Oil Markets Were Already Positioned for Iran Attack
- Is The Iran Nuclear Deal Revival Project Dead?
- Petrobras Chairman Suspended
- Oil and Gas Executives Predict WTI Oil Price
- An Already Bad Situation in the Red Sea Just Got Worse
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil and Gas Execs Reveal Where They See Henry Hub Price Heading
- Equinor Makes Discovery in North Sea
- Macquarie Strategists Warn of Large Oil Price Correction
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Standard Chartered Reiterates $94 Brent Call
- Chevron, Hess Confident Embattled Merger Will Close Mid-2024
- Analysts Flag 'Remarkable Feature' of 2024 Oil Price Rally