Russia has met its obligation on cutting oil production by 300,000 barrels, Energy Minister Alexander Novak told reporters.

“Yesterday it was about 298,000 barrels. We can say that we have reached 300,000 barrels,” he said.

OPEC countries and 11 oil exporting countries, which are not members of the cartel, pledged to cut production by 1.8 million barrels per day in the first half of 2017 in comparison with October 2016. In particular, under the agreement, Russia was to cut production by 2.7% to the level of last October or by 300,000 per day.

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