Russian Energy Minister Alexander Novak said today that the country could reduce production quicker than originally expected, Reuters reported.
The Kremlin earlier agreed to reduce the country’s output by 200,000 barrels a day in time for the second quarter and by another 300,000 in April.
The quotas are part of an international agreement between the main oil producing nations to lower production in an effort to rebalance the market.
“We will be aiming to cut faster … Depending on companies’ capabilities,” Novak reportedly said at a conference in Sochi.
