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Russia's Novak casts doubts on 880,000 bpd oil output cut proposal

Published November 24, 2016 Updated November 24, 2016 03:16pm

1 min

By Shoaib Ur Rehman

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MOSCOW: Russian Energy Minister Alexander Novak said on Thursday that the OPEC group had earlier proposed to other countries to cut oil production by 500,000 barrels per day (bpd) and that he hasn't heard about a larger proposal of 880,000 bpd.

The oil minister of Azerbaijan, which is not a member of OPEC, was earlier quoted in a newspaper as saying the cartel may want non-OPEC producers to cut output by as much as 880,000 bpd.

Novak said he has not heard about such a proposal, while an OPEC source told Reuters the group had yet to decide on the final figures to be discussed on Nov. 28, when OPEC and non-OPEC experts meet in Vienna.

Venezuelan Oil Minister Eulogio Del Pino said last month his country had proposed that non-OPEC countries remove 400,000-500,000 bpd from the market to help support prices.

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