Russian, OPEC ministers to meet this week on oil output cuts

Published December 06, 2016

Russia's energy minister says he will meet with OPEC oil ministers this week for talks expected to focus on production cuts aimed at driving up the price of crude.

Russia's TASS news agency cited Alexander Novak as saying Tuesday that he will be at the meeting in Vienna.

Saturday's talks will come less than a week after OPEC agreed to cut the cartel's oil output for the first time since 2008 and said Russia would follow suit.

The cut of 1.2 million barrels a day by the 13-nation Organization of the Petroleum Exporting Countries is to be effective as of January, with non-OPEC producers to account for an additional reduction of 600,000 barrels a day.

Russia has pledged a daily 300,000 barrel reduction as part of the tentative non-OPEC commitment.

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