According to the new OPEC+ agreement, Russia plans to gradually reduce oil production by 50-60 thousand barrels per day. This was stated by Minister of Energy of the Russian Federation Alexander Novak.
According to Novak, much will depend on technological and climatic possibilities. He believes that the decline in oil production in the Russian Federation will be gradual.
The countries of the cartel and independent producers agreed to reduce the production of oil by 1.2 million barrels per day in the first half of 2019. This measure was taken to stabilize the market.