Russia’s government ordered firms to reduce oil output in Q2 in order to hit a production target of 9 million barrels per day (bpd) by the end of June.
This is in compliance with its pledges to OPEC+. Back in early March Novak made the promise:
Russia said it’ll implement a mix of crude production and export cuts totalling 471,000 b/d
Reuters (news was out Monday) carry the information, citing three unnamed industry sources. More:
Russia plans to gradually ease the export cuts and focus on only reducing outputsources said the government had given specific targets to each company
This article was written by Eamonn Sheridan at www.forexlive.com.