Russia's governmenthas orderedoil companies to lower their output in the second quarter so that the country can meet its OPEC production target of 9 million barrels per day by the end of June
Russia's government has ordered oil companies to lower their output in the second quarter so that the country can meet its OPEC production target of 9 million barrels per day bpd by the end of June. Previously, Russian Deputy Prime Minister Alexander Novak announced that Russia would cut oil output and exports by an extra 471,000 barrels per day bpd in the second quarter, in tandem with production cuts by other OPEC members.
8 million currently due to production cuts. The country has not disclosed production or export data ever since it started the war in Ukraine. Production has also suffered in the current year due to unplanned outages as well as drone attacks by Ukraine. Novak’s statement did not include a six-month ban on Russian gasoline exports that kicked in from March 1.
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