Russian President Vladimir Putin said that the decline in Russia’s energy production was due to the preservation of prices in the world market. He announced this during a meeting with members of the government, reports TASS.
“Prices fluctuate in world markets. But all our actions, including voluntary production cuts, are fully linked to the need to maintain a certain price environment in world markets, in dialogue and contact with our partners in OPEC+.
Putin also noted that the situation is “absolutely stable”.
According to previous Organization of Petroleum Exporting Countries statistics, after the results of March this year, Russia’s lowered oil production level is 300 thousand barrels per day. While this figure was 9.7 million b/d in the first month of spring, the bar was around 10 million b/d in February.
On May 4, Russian Deputy Prime Minister Alexander Novak stated that Russia is currently reduces According to February indicators, the daily oil production volume increased by 500 thousand barrels.
Before that, Novak, OPEC + appreciate The current drop in oil prices may be short-lived.