• 55 mins Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 6 hours British Utility Companies Brace For Major Reforms
  • 10 hours Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 12 hours Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 13 hours Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 14 hours OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 15 hours London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 16 hours Rosneft Signs $400M Deal With Kurdistan
  • 19 hours Kinder Morgan Warns About Trans Mountain Delays
  • 1 day India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 1 day Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 1 day Russia, Saudis Team Up To Boost Fracking Tech
  • 2 days Conflicting News Spurs Doubt On Aramco IPO
  • 2 days Exxon Starts Production At New Refinery In Texas
  • 2 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 3 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 3 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 3 days China To Take 5% Of Rosneft’s Output In New Deal
  • 3 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 3 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 3 days VW Fails To Secure Critical Commodity For EVs
  • 3 days Enbridge Pipeline Expansion Finally Approved
  • 3 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 3 days OPEC Oil Deal Compliance Falls To 86%
  • 3 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 3 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 4 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 4 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 4 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 4 days Aramco Says No Plans To Shelve IPO
  • 6 days Trump Passes Iran Nuclear Deal Back to Congress
  • 6 days Texas Shutters More Coal-Fired Plants
  • 7 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 7 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 7 days Chevron Quits Australian Deepwater Oil Exploration
  • 7 days Europe Braces For End Of Iran Nuclear Deal
  • 7 days Renewable Energy Startup Powering Native American Protest Camp
  • 7 days Husky Energy Set To Restart Pipeline
  • 7 days Russia, Morocco Sign String Of Energy And Military Deals
  • 8 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
Alt Text

Is The War On Coal Really Over?

Even if the EPA manages…

Alt Text

World’s Biggest Oil Trader Questions Its Own Fate

The world’s no.1 crude oil…

Alt Text

Draw In Crude Inventories Lifts Oil Prices

Oil prices reversed course on…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Energy Minister Novak: Russia Cuts More Oil Output In February

Minister Novak

Russia’s oil production in February will be lower than the January output, with Moscow cutting more than the 117,000 bpd cut it made last month, Russia’s Energy Minister Alexander Novak said on the sidelines of an event in Sochi on Monday.

It’s still early to talk of specific figures for February, but the cut would be more than the 117,000 bpd reduction in January, Russian news agency RIA Novosti quoted Novak as saying to reporters, answering a question about how much oil Russia is cutting this month.

The Russian minister also reiterated that his country would be sticking to the agreement between OPEC and non-OPEC producers to curtail output in order to rebalance the market. Moscow will be trying to speed up the gradual cutting of the 300,000 bpd it had promised by the end of the first half, Novak said, adding that anything is possible, when asked whether the 300,000-bpd-cut could be reached in early April. The timing will depend on the capabilities of the companies, the minister said, as quoted by RIA Novosti.

OPEC and the 11 non-OPEC nations—led by Russia—that have joined the deal achieved a combined 86-percent compliance rate in January, OPEC said last week, hailing “solid progress towards full conformity”. Related: Wind Energy Boom Hits The U.S.

Non-OPEC-only compliance has been estimated to vary between 48 percent and 66 percent, with Russia playing a major role in the low (as compared to OPEC’s surprisingly high) compliance, due to its pledge to ‘gradually’ cut 300,000 bpd, more than half the 558,000 bpd total non-OPEC reduction.

As for the recurring question about whether the supply-cut agreement needs to be extended beyond June, Novak said today that an extension is possible in case the market still imbalanced, adding that it would not depend on the price of oil.

Earlier this month, Novak said that the decision on whether to extend the agreement with OPEC will be made in April or May.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News