Russia is ready to join the OPEC production limiting agreement and cut its production in the first half of the year by 300,000 barrels per day, Energy Minister Alexander Novak told reporters on Wednesday.

“Russia is ready to join the agreement for stabilization of the situation on oil markets. According to results of our proactive talks with key OPEC and non-OPEC countries that lasted several months, Russia will reduce production by up to 300,000 barrels in the first half of 2017 in a phased manner within tight deadlines, on the basis of technical opportunities,” Novak said.

Russia will comply with its voluntary oil production limiting on condition that the OPEC adheres to its agreement, energy minister said:

“Our negotiations with non-OPEC countries also make possible for us to expect that a range of countries will join the agreement with the overall production limiting contribution up to 300,000 barrels daily. Russia’s voluntary limiting is linked to adherence of the OPEC to the level of 32.5 mln barrels daily adjusted for Indonesia, and to maximized participation of non-OPEC countries.”

The overall contribution of the deal participants to market stabilization efforts is much higher than the world’s oil production surplus and makes possible to intensify the rebalancing process, Novak added.

The oil production limiting agreement is a landmark event:

“Russia welcomes the agreement reached by the OPEC to limit oil production in the first half of 2017 at the level of 32.5 mln barrels daily, which is equivalent to production cut by 1.2 mln barrels per day. We believe today’s agreement is a historic event,” the minister said.