Russia has expressed its willingness to reduce oil production by up to 150,000 barrels per day during the first three months of 2019.
Russian Energy Minister Alexander Novak has declared to OPEC and to the Opec + follow-up committee that Russia is ready to reduce oil production between 100 and 150 thousand barrels a day, given the difficulties and the complications of further reducing production in the harsh winter season in Russia.
"These are not losses," Novak told reporters earlier in response to a question about the leaks on Russia's difficulties in reducing production. "The winter and the special climatic conditions in Russia are well known".
isthere"Before that, we also said that for us the reduction is more difficult due to the geological and climatic conditions and these are the characteristics of our oil industry, not news or leaks".
A meeting of the OPEC ministerial follow-up committee in Vienna last Wednesday recommended to reduce oil production in the first half of 2019.