Russia plans to accelerate pace of oil cuts: Novak

21/01/2019 09:40 Oil Market

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Russian energy minister Alexander Novak said Moscow is seeking to accelerate the pace of its oil production cuts under the Opec+ agreement, but reiterated it faces operational challenges, Kallanish Energy reports.

Early last week, his Saudi counterpart, Khalid Al-Falih, had complained Russia’s production cuts started slower than he’d like, and was pushing for faster reductions.

 

Under the Opec+ cooperation deal, Russia has pledged to cut its production by 228,000-300,000 barrels per day (Bpd), but since Day 1, has advised the cuts would be made “gradually.” Novak said last December “full compliance” would be achieved over a few months given Russia’s climate-related and technical challenges.

 

The output cut deal became effective Jan. 1, and is set to last six months. It’s not clear yet how much Russia has taken out of market in the first weeks of January.

Source: kallanishenergy.com

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