Russia says plans to cut oil output by at least 50,000-60,000 bpd in Jan

MOSCOW: Russia plans to cut its oil output by at least 50,000 to 60,000 barrels per day (bpd) in January, its energy minister said on Tuesday, much less than its target under a global production deal reached last week.

This would mean Russian oil output coming in at around 11.35 million bpd next month, off the post Soviet-record high of 11.41 million bpd reached in October and down from 11.37 million bpd last month.

Energy Minister Alexander Novak reiterated to reporters that the country planned to cut its oil output gradually.

The Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers including Russia last week said they would curb oil output by a combined 1.2 million bpd.

They are looking to prop up oil prices that plummeted below $60 per barrel from a four-year high above $85 hit in October on oversupply worries.

Of that, Russia undertook to cut 228,000 bpd.