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Russian energy minister to participate in Vienna meeting on oil output monitoring

January 11/ 11:53

Moscow. Russian Energy Minister Alexander Novak to participate in a meeting of the Ministerial Committee for monitoring implementation of OPEC agreement on reducing oil production, which will take place in Vienna on January 21-22.  This was stated the Ministry’s press service.
The Ministry earlier confirmed that it has received an invitation to a meeting of the Ministerial Committee for monitoring reduction of oil production.
Venezuela's Oil Minister Eulogio del Pino told reporters earlier, that Russia may enter the Ministerial Committee for monitoring implementation of OPEC agreement on reducing oil production, in accordance with the agreement reached by the organization.
According to him, Russia’s Energy Minister Alexander Novak will be invited to join the committee, which will also include representatives of Kuwait, Venezuela and Algeria from OPEC, and some countries outside of OPEC that will be decided later, informs TASS.
On November 30, OPEC countries agreed to cut oil production to 32.5 mln barrels per day, which means those countries agreed to reduce their daily average output by 1.164 mln barrels starting January 1, 2017. Together with 11 countries outside of the organization, reduction of oil production will total 1.7-1.8 mln barrels per day.

 

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