Russia Cannot Swiftly Reduce Oil Output under OPEC Deal

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Russia cannot swiftly reduce the level of oil production under the recent OPEC-non-OPEC agreement. but will attempt to do so as quickly as possible. Russian Energy Minister Alexander Novak told reporters on Thursday.

`First. when we discussed this issue in December at the signing of agreements. we frankly said that the achievement of these indicators would take some time. And we talked about it publicly. We have special conditions. We have a winter period. we have low temperatures. we have special climatic and geological conditions of production. Therefore. in principle. it’s impossible to quickly reduce production.` Novak. who accompanies President Vladimir Putin on a visit to Serbia. said.

`Naturally. we will try to make reductions as fast as possible… Russia is committed to these agreements.` the minister added.

In late 2016. OPEC and non-OPEC states made a deal to cut oil production in a bid to stabilize oil prices. Since then. the agreement has repeatedly been prolonged with the final extension reaching the end of 2018.