Sunday, December 11, 2016

Russia to Create Monitoring Group to Control Oil Output Reduction

Russia and Kuwait would head a monitoring committee overseeing the oil output agreement between the Organizations of the Petroleum Exporting Countries (OPEC) and a number of other oil producing states, Azerbaijan's Energy Minister Natig Aliyev said Saturday.

“We will create too a monitoring group inside [the country] at a meeting with our [oil] companies, which will also follow the situation … The most important thing is to maintain a certain decrease in oil production output in the country in general,” Novak told journalists.

The minister noted that he would meet with Russia’s oil companies’ officials the next week to discuss output reduction. “By March we will have a reduction of about 200,000 barrels [per day], and in a short time, we will reach the target of 300,000 barrels,” Novak stressed.

He said that that the final aim is 10,947 million barrels per day, adding that Russia would start reducing oil output in January 2017.

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