Russia's Order to Cut Oil Output Orients Towards OPEC+ Target Achievements
Monday, 25 March 2024, 21:46
Russia mandates oil companies to reduce output for OPEC+ goal compliance
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 totaling 471,000 b/d. Reuters (news was out Monday) carries the information, citing three unnamed industry sources. More:
- Russia plans to gradually ease the export cuts and focus on only reducing output
Sources said the government had given specific targets to each company.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.