December 5, 2019 / 3:30 PM / a month ago

Russia's Novak says OPEC+ panel calls for extra oil cuts of 500,000 bpd in first quarter

FILE PHOTO: Russian Energy Minister Alexander Novak attends the Energy Week International Forum in Moscow, Russia October 3, 2019. REUTERS/Evgenia Novozhenina

VIENNA (Reuters) - Russian energy minister Alexander Novak said on Thursday that an OPEC+ ministerial panel has recommended deepening oil production cuts by 500,000 barrels per day (bpd) in the first quarter of 2020.

He also told reporters in Vienna that the production cuts by the Organization of the Petroleum Exporting Countries and its allies would total 1.7 million barrels per day in the January - March period and that all the countries should fully comply with their commitments.

Reporting by Olesya Astakhova; writing by Vladimir Soldatkin; editing by Susan Fenton

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