Russia Starts Gradual Oil Output Cuts as OPEC+ Deal Kicks In
- Production down by 30,000 barrels a day versus October: Novak
- Nation agreed to remove 228,000 barrels a day in first quarter
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Russia is gradually reducing oil production in line with the OPEC+ deal and is on track to get about a fifth of the way toward its pledged cut this month.
Preliminary data show the nation’s output has already fallen by more than 30,000 barrels a day relative to October levels, Energy Minister Alexander Novak said Friday. “The companies have said they can decrease total production by 50,000 barrels per day in January,” he told reporters in Moscow.