Currently, Russia is reducing its oil production by 500,000 barrels per day compared to February. At the same time, follow-up will be made according to independent sources, opens Words of Deputy Prime Minister Alexander Novak TASS.
Until recently, Novak did not specify from which period the decline in daily oil production in the Russian domestic market would be counted. He emphasized that this issue should be clarified. The Deputy Prime Minister therefore declared that he was committed to Russia’s decision to voluntarily reduce its daily oil production.
“The target level of voluntary production cuts is 500,000 barrels per day from February to the end of 2023. Monitoring will be done according to independent sources. “Novak reaffirms Russia’s full commitment to and implementation of voluntary oil production cuts levels,” said Novak.
On May 1, the nine countries of the OPEC+ commodity alliance, including Russia, started Voluntary reduction of oil production by the end of 2024. At the same time, the total production volume decrease should be 1.66 million barrels per day. Besides the Russian Federation, Saudi Arabia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, Oman and Gabon have announced that they want to further limit production.