Russia is rapidly reduces the volume of oil production – media

Russian oil companies began to cut production of oil in accordance with the agreement OPEC and non-cartel countries on an accelerated schedule. About it reports a source in the Ministry of energy, familiar with the process.

According to him, the decline of oil production “exceeds the original announced a conservative forecast 50 thousand Barr. a day.”

That the Russian company has started to reduce oil production in a previously concluded agreement OPEC and non-cartel countries became known yesterday, on January 9. This was reported by Bloomberg with reference to the employee of the Central dispatching Department of fuel energy complex of the Russian Federation.

In the period from 1 to 8 January 2017 volume average daily production of oil and gas condensate dropped to 11,114 million barrels., almost 1.18% below production levels in October last year (11,247 million Barr.). In just the first days of 2017 in Russia produced 12,13 million tonnes of crude oil and gas condensate.

Thus, during this period, the total volume of oil production companies fell by 133 thousand barrels. In accordance with the agreement with OPEC, Russia needs to cut production by 300 thousand barrels./day.

Earlier it became known that Saudi Arabia has cut oil production by at least 486 thousand barrels per day from October 2016, reaching the level of production agreed with OPEC.

Recall, November 30, OPEC for the first time since 2008, agreed to cut production a total of 1.2 million barrels per day. Saudi Arabia has pledged to cut production by 486 thousand barrels per day, which has become the most significant reduction among the countries of the cartel.

The organization will hold another meeting on may 25, 2017, which is planned to extend the agreement to reduce a further six months.

On 10 December a similar agreement was signed by countries that are not members of OPEC. They agreed to cut oil production by 600 thousand barrels per day. Proceed to the implementation of the agreements they have in January. Russia also supported the agreement and agreed to cut production by 300 thousand barrels per day.