×

Russia cutting output by 300,000 barrels per day by end of April

Andrey Rudakov | Bloomberg | Getty Images

Russiawill cut its oil output by 300,000 barrels per day by the end of April and will maintain production at that level until the global oil cuts deal expires at the end of June, Energy minister Alexander Novak said on Friday.

Russia had cut output by 160,000 bpd by the middle of March, said Novak, a figure he said would reach 200,000 bpd by the end of the month.

Asked if it was expedient to prolong the cuts deal that includes OPECand non-OPEC oil producers, Novak said: "It's too early to talk about it in the middle of March, (the matter) should be discussed and a decision should be made at the end of April or in the middle of May".

Novak also said the launch of a new power plant in Crimea, which Russia annexed from Ukrainein 2014, had been delayed by a few months.