MOSCOW: Oil production in Russia has dropped by 300,790 barrels per day as of May 1, 2017, compared to the output recorded in October 2016, a source in Russian Energy Ministry told RIA Novosti.“On average, the country’s oil production has dropped by 258,600 in April,” added the source. Earlier, Russia’s Energy Minister Alexander Novak said that Russia will cut its average daily volume of oil production by 50,000-100,000 barrels from January, 200,000 barrels – as of March and will reach the targeted level of 300,000 barrels per day in April-May. Later he said that Russia has decreased its crude output by 298,000 barrels per day as of Apr. 27 and assured that the country will reach the targeted level by Apr. 30.
Russia has agreed to cut its oil output by 300,000 barrels per day under the OPEC deal signed in Vienna. In December 2016, OPEC and non-OPEC producers reached their first deal since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices. Non-OPEC oil producers such as Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan, and South Sudan agreed to reduce the output by 558,000 barrels per day starting from Jan. 1, 2017 for six months, extendable for another six months. OPEC agreed to slash the output by 1.2 million barrels per day from Jan. 1, with top exporter Saudi Arabia cutting as much as 486,000 barrels per day.
