Russia May Speed Up Cuts in Oil Output

Russia May Speed Up Cuts in Oil OutputRussia May Speed Up Cuts in Oil Output

Russia may cut oil production as part of an OPEC-led agreement designed to boost prices faster than it had previously expected, if its domestic companies are able, Energy Minister Alexander Novak said on Monday.

Russia had said it would cut oil output by 200,000 barrels per day by the end of the first quarter compared with October's levels, and by a further 300,000 bpd in April as part of the global deal, Reuters reported.

"We will be aiming to cut faster ... Depending on companies' capabilities," Novak told reporters.

The deal between the Organization of Petroleum Exporting Countries and other oil producers led by Russia in December, envisaged total cuts of around 1.8 million bpd during the first half of the year.

There has been a debate about whether the cuts should be prolonged in the second half of the year. "We will be able to look into the situation in April-May," Novak said.

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