Russian energy minister Novak (Alexander Novak) on Thursday (February 2nd) said that Russia’s commitment to comply with global production agreement, and may be cut faster than planned, but this is mainly according to the circumstances.

Novak on Wednesday (February 1st) citing preliminary data for president Putin (Vladimir Putin) said that Russia’s crude oil output in January was 11 million 210 thousand barrels / day in December last year, a decrease of approximately 100 thousand barrels per day to 11 million 110 thousand barrels / day. More data show that Russia’s largest oil producer Rosneft in January the average daily output of 518 thousand tons, about 3 million 800 thousand barrels, compared with December 520 thousand and 400 tons daily output has declined.

The organization of Petroleum Exporting Countries (OPEC) and non OPEC oil producers such as Russia agreed in December to the first half of this year, the cumulative reduction in oil production of 1 million 800 thousand barrels / day, in order to solve the problem of excess supply, price support. This week, Reuters survey showed that OPEC production agreement has been completed 82% production in January fell by more than 1 million barrels / day.

Novak said Thursday that the global crude oil production fell 1 million 400 thousand barrels a day, oil prices than before more close to a reasonable level, is expected by the middle of 2017 global oil glut will disappear. He also pointed out that the Russian oil companies have all fulfilled the production agreement, in addition to all oil producing countries have complied with the agreement, and is expected in 2017 investment in the oil industry will create for the first time in three years.

In addition, Novak said that Russia may cut faster than planned, which is mainly based on the enterprise circumstances. Russia said before, to the end of the first quarter of the 200 thousand barrels / day, to rise to 300 thousand barrels / day.