Novak: Russia is committed to oil production cuts

Russian Deputy Prime Minister Alexander Novak said today, Thursday, that Russia is committed to its voluntary pledge to reduce oil production by 500,000 barrels per day from February until the end of the year.

According to “Reuters”, Russia is part of the OPEC + group that includes oil-producing countries, which announced that they would collectively reduce oil production by more than one million barrels per day in April, in a sudden decision that the United States described as lacking in wisdom.

“Taking into account unfounded speculations in the press about oil production levels, Russia confirms its full commitment and implementation of voluntary production cuts,” Novak said in a statement.

He added, “The target level of voluntary production reduction is 500 thousand barrels per day from the level of February until the end of 2023. Monitoring will be carried out according to independent sources.”

He also said that the estimated decline of two-thirds of the volume of Russian oil pipeline exports to the European Union was only partially offset by seaborne exports.