Russia plans to cut its oil output this month

INNOPOLIS (Tatarstan), Feb 13 (TASS): In February, Russia plans to cut oil output by 90,000-100,000 barrels per day compared to October 2018, Russian Energy Minister Alexander Novak told reporters on Tuesday.

OPEC+ countries took the level of production in October 2018 as the benchmark for their oil production cut agreement.

"We have a plan for February. On average, we should reach the figure of 90,000-100,000 barrels per day compared to October. We are doing our best to achieve the [OPEC+] target figures as soon as possible. Compared to December, oil output will decline by 140,000-150,000 barrels," he said.

Novak added that it was too early to say whether the OPEC+ deal will be extended. "We need to see, to monitor the situation," he said.

The parties to the OPEC+ deal agreed to cut production starting in 2017. The agreement has been extended twice. In December 2018, the parties to the OPEC+ deal agreed to cut production by 1.2 mln barrels per day from the level of daily production in October 2018 in order to avoid an oversupply on the market due to rising US production and the easing of sanctions against Iran.