HOUSTON (Sputnik) — On Monday, Russian Energy Minister Alexander Novak said on the sidelines of the CERAWeek energy conference in Houston, Texas, that Russia was not planning to join OPEC in the near future.
"I think he (Novak) was very measured and practical. They (representatives of Russia) are not joining OPEC, but they cooperate with OPEC and they support OPEC. So, I think that's enough. For now," OPEC Secretary General Mohammad Barkindo said.
On November 30, 2016, OPEC countries agreed on reducing oil production by 1.2 million barrels per day, with a daily cartel-wide cap standing reaching 32.5 million barrels. Non-OPEC countries agreed to reduce output by 558,000 barrels a day. Russia pledged to cut production by 300,000 barrels daily.
The agreement is effective during the first half of the year and can be prolonged further.
