Russia's daily oil production decreased by 2.16 percent since October 2016 down to 1.5 million tonnes per day, Russian Deputy Energy Minister Kirill Molodtsov said on Tuesday.
Molodtsov told journalists in the Russian capital Moscow that the country's oil production decreased, in accordance with the oil cut agreement reached with OPEC and non-OPEC members.
OPEC and non-OPEC countries, including Russia, agreed in November to cut oil production by 1.2 million barrels per day (mbpd) in the first six months of the year. The accord entered into force in January, and oil prices began to increase gradually.
Recently, the International Energy Agency (IEA) also announced that it foresees crude oil prices rising sharply by 2020 due to falling investment in new oil projects.
Reporting By E. Gurkan Abay in Moscow
Writing By Murat Temizer