Russia says foreign-led projects will cut oil output -Ifx

Russian Energy Minister Alexander Novak said on Wednesday that foreign-operated, as well as domestic oil projects in the country, will reduce output, pro-rata, as part of a global pact to cut crude production, Interfax news agency reported.

International oil majors, such as ExxonMobil and Shell, are involved in several oil and gas projects in Russia operated under production-sharing agreements signed in the 1990s. Novak also said Russian companies will cut their production by 19% from February levels as part of the global pact to reduce oil output.