Russia ready to cut oil production by 300,000 barrels

Russia ready to cut oil production by 300,000 barrels

Russia will follow earlier announced production cuts, Energy Minister Alexander Novak said, adding Moscow is ready to cut the production by 300,000 barrels.

"We have announced our obligations, and we shall confirm them," he said, adding non-cartel countries may cut the output by 600,000 barrels a day.

OPEC member countries will hold talks with Russia and other non-OPEC states in Vienna on joining the agreement on cutting oil output. OPEC expects from non-cartel countries they cut production by 600,000 barrels a day.

The meeting will feature 10-11 non-OPEC countries. Novak told journalists on Dec. 9 that he expects an agreement to be signed after the meeting.

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