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Russia to Curb Oil Output in Baby Steps While Saudis Cut 80 Times Faster

Oil workers operate drill sections while working on the drilling floor beneath the travelling block, right, on a derrick in Salym, Khanty-Mansi autonomous region.

Oil workers operate drill sections while working on the drilling floor beneath the travelling block, right, on a derrick in Salym, Khanty-Mansi autonomous region.

Photographer: Andrey Rudakov/Bloomberg

Russia played a big part in making possible a new OPEC+ deal to curb production, but initially it’s letting Saudi Arabia shoulder the bulk of actual cuts.

OPEC’s largest ally aims to reduce its January production by at least 50,000 to 60,000 barrels a day compared with October levels, Russian Energy Minister Alexander Novak said Tuesday. That’s about 11,000 barrels a day below November output, Bloomberg calculations based on government data show.