Russian Energy Minister Alexander Novak said on Wednesday that Russia has decreased oil production in September under the oil output reduction agreement between OPEC and non-OPEC countries by 346,000 barrels per day.
In May 2017, the agreement was extended by nine months, until the end of March 2018. In November 2016, the Organization of Petroleum Exporting Countries (OPEC) agreed in Vienna to decrease its production by 1.2 million barrels per day from the October 2016 level. In December, 2016, 11 non-OPEC countries 2016 agreed to decrease their production by a total of 558,000 barrels per day.