Russia is cutting oil output in accordance with its deal with the Organization of Petroleum Exporting Countries (OPEC) and other oil producers, Energy Minister Alexander Novak said Wednesday.
"The exact figures will be known tomorrow. But according to preliminary data, we will come down to an average monthly reduction of 50,000 barrels per day (bpd) from the level of October 2018, as expected," Novak told reporters.
He expected Russia's average crude oil output in January to shrink by around 100,000 bpd from the October volume.
The minister explained the difference by stating that monthly Russian output volumes differ and the country produced significantly more crude oil at the end of last year than in October.
In December, OPEC and non-OPEC producers agreed to cut crude oil production by a total of 1.2 million bpd from January 2019 for an initial period of six months to do away with a global supply glut.
The OPEC members would contribute 0.8 million bpd and non-OPEC members, including Russia, would contribute 0.4 million bpd from the October level.
