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Russia cuts oil production by 160,000 barrels per day by mid-March

Sat 18 March 2017 | 09:34 GMT

Russia reduced oil production by 160,000 barrels per day as of mid-March, Energy Minister Alexander Novak told reporters.

"In mid-March it is 160,000 barrels per day," he said, according to TASS.

He also recalled that by the end of April Russia plans to cut oil production reduction 300,000 barrels per day and maintain this level until the end of the first half of the year.

Russian Energy Ministry considers premature to talk about extension of the oil production limiting agreement until the end of April - mid-May.

"Many market participants are commenting on this matter now. In my opinion, it is premature to talk about that in the middle of March. Talks and decision-making should take place at the end of April - mid-May," Novak said.

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