Russia Will Reduce Oil Production At The Federal Level Until The End Of 2023, With Pipeline Oil Exports To The EU Down More Than Two-Thirds

According to CCTV news reports, on May 4 local time, Russian Deputy Prime Minister Novak stated that Russia will reduce oil production at the federal level until the end of 2023, and pipeline oil exports to the EU have been reduced by more than two-thirds, with only a few exports being replaced by sea freight. In addition, Russia's oil production cuts will be carried out under the supervision of an independent agency.