MOSCOW: Russian Deputy Prime Minister Alexander Novak said on Tuesday that Russia will continue a 500,000 barrels per day oil production cut until the end of June.
“At the moment, Russia is close to achieving the target level of reduction - it will be reached in the coming days,” Novak said, referring to the announcement he made last month that Russia would cut by 500,000 bpd from March.
“In accordance with the current market situation, the decision to voluntarily reduce production by the amount of 500,000 bpd will be valid until June 2023 inclusive.”
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In a statement, Novak said the global oil market was under unprecedented pressure, citing Western energy embargoes against Russia and what he called dangerous attempts to cap the price of Russian oil.
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