ST. PETERSBURG (Sputnik) — In November 2016, the Organization of the Petroleum Exporting Countries (OPEC) member states reached an agreement to cut oil production by 1.2 million barrels per day in the first half of 2017 to boost global oil prices.
The OPEC agreement was supported by 11 non-OPEC states, which joined the deal by promising to jointly reduce oil output by 558,000 barrels per day. Russia pledged to cut production by 300,000 barrels daily. The OPEC has already implemented its commitment while non-cartel countries have implemented over half of the agreed upon cuts.
"We will lose this year more than 2 million tons of oil production due to the fact that production has stopped," Alekperov told Russia's RBC TV broadcaster on the sidelines of the St. Petersburg International Economic Forum (SPIEF).
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