21.04.2020, 10:29
Media Learned about the Principle of Reducing Oil Production in Russia
Source: OREANDA-NEWS
OREANDA-NEWS. In accordance with the new OPEC+ agreement, which will begin on May 1, the Ministry of Energy instructed Russian oil companies to cut production by about a fifth. This is reported by the American media with reference to two sources.
Under the agreement, OPEC+ pledged to reduce daily oil production by 2.5 million barrels in May-June. The agency’s interlocutors, on condition of anonymity, said that after several days of consultations, companies were instructed to distribute the reduction in proportion to the total production. In this case, Rosneft will account for about 40% of the total reduction in Russia.
Rosneft during the negotiations did not agree with the principle of proportional reduction, two sources familiar with its position told the agency. In the fourth quarter of 2019, Rosneft produced 4.67 million barrels of oil per day, and this is almost 42% of the total daily production in the country.
Under the agreement, OPEC+ pledged to reduce daily oil production by 2.5 million barrels in May-June. The agency’s interlocutors, on condition of anonymity, said that after several days of consultations, companies were instructed to distribute the reduction in proportion to the total production. In this case, Rosneft will account for about 40% of the total reduction in Russia.
Rosneft during the negotiations did not agree with the principle of proportional reduction, two sources familiar with its position told the agency. In the fourth quarter of 2019, Rosneft produced 4.67 million barrels of oil per day, and this is almost 42% of the total daily production in the country.
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