Russia to cut oil output in support of OPEC deal
Russian Energy Minister Alexander Novak announced that his country had cut its oil production in January by more than 30,000 barrels a day under the OPEC + agreement.
"The reduction so far is equivalent to just over 30,000 bpd, compared to the October 2018 level, which is a preliminary figure," Novak said.
"We are cutting production, and it is planned to reduce this month by 50 thousand barrels per day," according to the agency "Tass" Russian.
Novak said that "the date of the next ministerial meeting of OPEC countries has not yet been determined, and is likely to be held in April."
Crude oil markets are on the rise due to increased production and fluctuating demand due to forecasts of slower global growth for the next two years and next, pushing prices down from an average of $ 86 in October to around $ 60 for Brent crude.
OPEC +, a member of the Organization of the Petroleum Exporting Countries (OPEC), and two independent producers led by Russia.
OPEC began implementing a new agreement to reduce oil production by about 1.2 million barrels per day (bpd) starting in early 2019 for six months.