Russia taking time to comply with OPEC oil output cuts: report

Russia is likely to take longer than expected to achieve the production cuts it agreed to under the Opec+ deal, Bloomberg reported.

The nation “is fully complying with obligations in line with earlier announced plans to gradually cut output by May,” the Energy Ministry said in a statement, citing its head Alexander Novak.

In December, OPEC and its non-OPEC allies reached a deal to cut oil production by 1.2 million barrels per day (mbd) for the first six months of 2019 in order to boost prices.

OPEC agreed to trim its production by 800,000 barrels per day (bpd), while Russia and the allied producers decided to cut output by 400,000 bpd.