LONDON: Russia and Kazakhstan said they’ve met or exceeded their initial goals for trimming oil output, bringing cuts by non-Organisation of Petroleum Exporting Countries (Opec) in the first 10 days of this year to more than a quarter of the total pledged a month ago in Vienna.
Russia’s oil production has shrunk by around 130,000 barrels a day in the first week of January from a post-Soviet record of 11.25 million barrels a day in October, an official at the energy ministry’s CDU-TEK unit said on Monday, asking not to be identified because of internal policy. The cuts from the world’s biggest energy producer go beyond its initial goal for a cut of at least 50,000 barrels a day this month.
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