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Dec 01, 2016 11:41 AM IST IST | Source: PTI

Russia ready to cut oil output by 300,000 barrels per day

"Russia will progressively reduce its oil production by 300,000 barrels a day in the first half of 2017," Novak was quoted by the state agency Ria-Novosti as saying, adding the move was conditional on the OPEC decision being "upheld."

Russian Energy Minister Alexander Novak, responding to a decision by OPEC today to reduce crude output to lift prices, said Russia was ready to cut its own oil production by 300,000 barrels a day next year.

"Russia will progressively reduce its oil production by 300,000 barrels a day in the first half of 2017," Novak was quoted by the state agency Ria-Novosti as saying, adding the move was conditional on the OPEC decision being "upheld."

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