Deputy Prime Minister Alexander Novak said that Russia will voluntarily reduce oil production by 500,000 barrels a day in March. It has been reported TASS.
“Today we sell all the oil produced, but as we have stated before, we will not sell oil to those who directly or indirectly comply with the price cap principles,” said the Deputy Prime Minister.
According to him, this will contribute to the re-establishment of market relations.
Following the announcement of the drop in production, world oil prices pushed growth to 2% on Friday afternoon, as the trade data shows.
1 February International Energy Agency (IEA) President Fatih Birol acceptedIn 2023, Russia will reduce oil production by 1 million barrels per day. According to his prediction, this will happen due to the strengthening of Western sanctions against the country’s energy sector. Birol noted that lowering this indicator in Russia may cause fluctuations in the global energy market.