Russia cut oil production by more tan 117 bpd in February – Russia’s Novak

Alexander Novak, Russia’s Oil Minister, said on Monday that the country cut its oil output by more than 117K bpd during February.

Novak added that countries are expected to speed up production cuts, as 100% compliance is needed.

In addition, Novak noted the country will keep its pledges on production cuts, saying that Russia could cut its output by 300K bpd faster than initially expected.