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"Rosneft" provided a 50% reduction of oil production in Russia



Rosneft accounted for about half of the total oil production in the Russian Federation under the Vienna agreement on oil-producing countries, said the first Vice-President of the company Pavel Fedorov on Wednesday.



13.May.17 11:48 AM
By Christina Orlina
Photo Toinnov.com

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"Rosneft" provided a 50% reduction of oil production in Russia
"The company has provided about 50% of the total decline in the part of quotas that have been identified, the Russian Federation,"- he said in a conference call.

OPEC agreed to reduce its production by 1.2 million barrels a day from October level. Eleven non-OPEC countries agreed to reduce its production a total of 558 thousand barrels per day, including Russia 300 thousand. The agreement was concluded for the first half of 2017 with the possibility of extension.

Earlier "Rosneft" reported that in the first quarter of 2017, lowered average production of liquid hydrocarbons (oil and gas condensate) compared to October 2016 on a little more than 70 thousand barrels per day, including those due to external restrictions imposed on Russian oil companies.



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