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Russia cuts oil output by 346,000 bpd in Sept: Novak

RUSSIA CUTS OIL OUTPUT BY 346,000 BPD IN SEPT: NOVAK

Russia reduced oil production by 346,000 barrels per day in September, according to Russian Energy Minister Alexander Novak on Wednesday.

Novak told reporters on the sidelines of the Russian Energy Week forum, where Anadolu Agency is media sponsor, that Moscow cut its oil production more than the agreed quota in the deal between OPEC and non-OPEC countries.

In November 2016, OPEC agreed to reduce its production by 1.2 million barrels per day from the October 2016 level.

The following month, 11 non-OPEC countries agreed to cut production by a total of 558,000 barrels per day.

Russia joined with cuts of its own of 300,000 barrels per day.

In May 2017, the deal was extended by nine months to the end of March 2018.

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