Russia Is Taking Its Time to Comply With OPEC+ Oil Output Cuts

Country will reach production curbs target by May, Novak says
Ministry said earlier Russia to complete cuts in first quarter

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By Olga Tanas and Dina Khrennikova

February 5, 2019 at 10:19 AM UTC

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Russia’s oil producers may take longer than expected to achieve the production cuts the country agreed to under the OPEC+ deal.

The nation “is fully complying with obligations in line with earlier announced plans to gradually cut output by May,” the Energy Ministry said Monday in a statement, citing its head Alexander Novak. Earlier, ministry officials including Novak said on several occasions that Russia aims to curb its oil production by 228,000 barrels a day from the October baseline within the first quarter and to keep volumes capped in the second.