Russia will reduce production in less time

Russia's Energy Minister, Alexander Novak, said in a recent statement that Russian oil companies should reduce oil production faster than the estimated period with the Organization of petroleum exporting countries (Opec).

The country, which is not part of the cartel in January has already made the cut of 100000 barrels per day and until April aims to cut 300,000. In a statement, Novak said it's possible that companies speed up the cuts aimed at overcoming the plans submitted initially.

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