By December 6, 2016 0 Comments Read More →

Russian energy minister Alexander Novak to meet oil companies ahead of Vienna trip

Alexander Novak

Russian Energy Minister Alexander Novak will meet with Russian oil companies to determine how the country will meet its promises to cut oil production. Reuters photo by Ramzi Boudina.

Alexander Novak agreed to cut 300,000 b/d last week as part of OPEC deal

MOSCOW, Dec 6 (Reuters) – Russian Energy Minister Alexander Novak plans to hold a meeting with Russian oil companies on Dec. 7 ahead of his trip to Vienna this weekend to finalise a global output cut deal, two energy industry sources told Reuters.

The meeting with oil companies is expected to determine the terms on which Russian firms should implement a cut in output that Russia has committed to carry out as part of an agreement with OPEC, one of the sources said.

Last week, Novak said Russia would contribute a 300,000 barrels per day cut in oil production, to be implemented gradually over the first half of the next year. He added that all Russian companies would contribute to the cut.

Russia’s energy ministry declined to comment on the Dec. 7 meeting. The ministry said in a statement earlier that Novak plans to visit Vienna on Dec. 10, where OPEC and non-OPEC nations are expected to sign a memorandum on the deal.

Russian oil production reached another post-Soviet high in November, rising to 11.21 million barrels per day, the highest in around 30 years.

(Reporting by Katya Golubkova and Olesya Astakhova)

 

Posted in: Energy News

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