Russia has already lowered its oil output by around 30,000 b/d compared with October volumes, used as a baseline under the latest OPEC/non-OPEC crude production agreement, and still plans to reach a cut of 50,000 b/d by the end of January, Russian energy minister Alexander Novak said Friday. Receive daily email alerts, subscriber notes & personalize your experience. Register Now “We are gradually lowering output, our plan is that overall in January it will be 50,000 b/d less than in October,” Novak said told reporters when asked about production volumes in January — the first month that restrictions agreed upon in December came into force. “Today we have already cut around 30,000 b/d from the October level. This is a preliminary figure,” Novak said. Russia has pledged to cut around 230,000 b/d from October volumes of 11.421 million b/d under the latest agreement. It is planning to […]