The Kremlin announced the decision about reduction of oil production personally Putin – RBC

President Vladimir Putin

The decision to reduce oil production by Russia was made personally by President Vladimir Putin on the basis of consensus with the oil companies, said his press Secretary Dmitry Peskov. The issue of compensation companies were not discussed.

According to press Secretary of the President, the decision on reduction of oil production in Russia was made personally by Vladimir Putin, “on the basis of consensus with the heads of companies”, the correspondent of RBC.

In this case, Peskov said that the issue of compensation to companies for the decline in production was not discussed. He noted that “raising the price of oil for every $ 5 brings additional revenues to the state budget and for the companies themselves”.

Previously Vice President and co-owner of oil company LUKOIL Leonid Fedun said that the company expects “will be offered some compensation” as “the freezing of oil production requires a certain cost”.

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on 30 November, OPEC agreed to cut total oil production in the cartel by 1.2 million bbl./day, to 32.5 million barrels./day. The decision on the reduction was joined by Russia, which has said it is ready to cut production by 300 thousand barrels. in the first half of 2017. After the transaction, Reuters reported that a key role in the success of the negotiations belonged to Putin, who brokered between the governments of Iran and Saudi Arabia, the most influential members of OPEC.

Following the negotiations between OPEC and countries outside the cartel, will take place in Vienna on 10 December. Attended by the Russian Minister of energy Alexander Novak, who today, 7 December, will hold a meeting with representatives of Russian oil companies (on the eve of reported sources Reuters and RBC). The theme of the meeting is to discuss the details of the agreement on the reduction of oil production.