Russia Aims to Speed Up Oil Output Cuts as Saudis Criticize Pace - Bloomberg

Russia Aims to Speed Up Oil Output Cuts as Saudis Criticize Pace - Bloomberg:

Russia is aiming to accelerate the pace of oil production cuts after its reductions drew criticism from Saudi Arabia.

“Of course, we will try to make the cuts faster,” Energy Minister Alexander Novak told reporters in Belgrade, Serbia. “We have our limitations of a technological nature, yet we will aim to reach the levels we agreed on.”

Novak’s comments come just days after Saudi Energy Minister Khalid Al-Falih said Russia’s production curbs have “started slower than I like.” The country’s output level, along with that of Saudi Arabia, is crucial in ensuring the success of the Organization of Petroleum Exporting Countries and its allies’ plan of taking oil out of the market to ensure higher prices.