Russia will reduce oil production

Russia, Kazakhstan and other non-OPEC oil exporters have agreed to cut production. They should produce less than 600,000 barrels per day than now - half of this volume will be taken over by Russia.

An agreement to reduce production volumes was concluded with OPEC. Members of this organization at the end of November 2016, for the first time in eight years, agreed to produce less oil in order to raise its price. Together, they will pump less than 1.2 million barrels per day.

After this agreement, Energy Minister Alexander Novak said that Russia was also ready to produce less by 300,000 barrels per day.

• In November 2016, Russia was producing 11.25 million barrels per day.
• At the end of November, Brent oil prices rose by 17 percent and broke through the price of $55 per barrel for the first time since May 2015. Now oil costs about 54 dollars.