Russia Is Close to the Target of Reducing Oil Production by 500,000 Barrels/Day

Last month, Novak announced that Russia would voluntarily cut oil production by 500,000 barrels per day in March, or about 5% of the production level, in response to price cap measures imposed by Western countries on Russian energy. At that time, this news once pushed up the international crude oil price.

In his latest statement, Novak wrote that Russia had come close to this commitment to reduce output and would achieve the reduced production level in the coming days, without giving further details. He added that this level of production would be maintained until the end of June.