14 December 2016, Moscow — Russian oil companies will cut their oil output proportionate to their share in domestic production, Russian Energy Minister Alexander Novak told reporters on Wednesday.
Novak spoke after meeting 12 Russian oil companies, who confirmed their commitment to implementing an output cut deal that was finalised in Vienna over the weekend between OPEC and other oil exporting states.
Novak said that there will be “separate discussions” on production sharing agreements, where a number of foreign energy companies, including ExxonMobil, are involved.
Novak said that the ministry was sticking to its oil production forecast in Russia for the next year set at 548-551 million tonnes (11.01-11.07 million barrels per day).
*Vladimir Soldatkin; Katya Golubkova; Editing: Christian Lowe – Reuters