All Russian Energy Companies Support Oil Production Cuts

© REUTERS / Sergei KarpukhinA worker at an oil field owned by Bashneft, Bashkortostan, Russia
A worker at an oil field owned by Bashneft, Bashkortostan, Russia - Sputnik International
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All Russian oil companies have supported the Energy Ministry's proposal to cut oil production, the ministry's press service said Wednesday citing Minister Alexander Novak.

A worker at an oil field owned by Bashneft, Bashkortostan, Russia - Sputnik International
Russia
Putin Personally Made Decision to Cut Russia’s Oil Production – Spokesman
MOSCOW (Sputnik) — The Organization of the Petroleum Exporting Countries (OPEC) agreed to cut crude oil output by 1.2 million barrels per day to 32.5 million barrels per day from January 2017.

Non-OPEC countries will reduce their production by 600,000 barrels per day, with Russia agreeing to cut its oil output by 300,000 barrels per day.

"All companies have supported our proposals to reduce the level of production," the statement said.

The CEO of Russia's energy company Novatek confirmed Russian companies' readiness to cut oil oitput.

"All [Russian oil companies] support the Energy Ministry," Leonid Mikhelson said.

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