January 11, 2019 / 5:02 PM / 11 days ago

Russia says oil output fell by over 30,000 bpd so far in January

MOSCOW, Jan 11 (Reuters) - Russian Energy Minister Alexander Novak said on Friday that Russian oil production was declining gradually, and fell by more than 30,000 barrels per day (bpd) in January from October’s level.

An industry source told Reuters earlier on Friday that Russia has reduced its oil production to 11.38 million bpd on average on Jan. 1-10.

This level was also 30,000 bpd lower than the 11.41 million bpd pumped in October, the baseline for a global deal to reduce oil production.

Novak added that Russia plans to cut 50,000 bpd in January, compared with October’s level.

The Organization of the Petroleum Exporting Countries and other leading global oil producers led by Russia agreed last month to cut their combined oil output by 1.2 million bpd in order to balance the oil market starting from January.

Russia has pledged to cut around 230,000 bpd gradually in the first quarter.

Novak had earlier said that Russia would cut its oil production by at least 50,000 to 60,000 bpd in January. (Reporting by Vladimir Soldatkin; Editing by Polina Ivanova and and Louise Heavens)

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