Russia has cut oil production by 254,000 barrels per day as of April 27

Russia slashed oil production by 254,000 barrels daily as of April 27 and will deliver the target cut by 300,000 barrels a day at the turn of April, Energy Minister Alexander Novak told reporters on Friday.

“Russia’s average production cut was 254 thousand barrels [per day] against the October figure in 27 days of April; the target reduction level of 300,000 barrels a day will be reached by April 30,” Novak said.

The average daily oil production was 10.999 mln barrels per day, TASS reported earlier today citing a source familiar with the official statistics of oil production in Russia. The target production level for Russia within the OPEN and non-OPEC agreement framework should be 10.947 mln barrels daily, Novak said earlier.

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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