Russia will continue to reduce oil production as part of its obligations to OPEC+. Deputy Prime Minister Alexander Novak declared this by treason TASS.
According to the Deputy Prime Minister, by June this year the production of “black gold” in the country will decrease to 9 million barrels per day.
“Exactly 9 [млн баррелей в сутки]. “This is the level that Russia should reach in June,” he said.
According to Novak, the decrease in oil production in April will be 350 thousand barrels per day, and exports will be 121 thousand barrels per day. In May, the figures will decrease by 400 thousand barrels and 71 thousand barrels/day, respectively. In June, the decrease in production will reach 471 thousand barrels and the decrease in exports will reach 471 thousand barrels/day.
The commitments accepted by Russia complement the previously announced voluntary cut of 500 thousand barrels per day in oil production in April 2023. This quota will be valid until the end of December 2024.
Previously in UAE got worse GDP growth forecast due to declining oil production.
Europe before went shopping Russian gas.