Russian Deputy Prime Minister for Energy Alexander Novak announced on Friday that Russia will cut its crude oil production by 500,000 barrels per day in Marchan announcement that boosted oil prices in the markets.
“Russia will voluntarily reduce its production by 500,000 barrels a day in March.”declared Novak, quoted by the Russian press agencies.
The country’s sales have been weighed down since December by a cap on the price of its crude imposed by the G7 countries, the European Union and Australia.
The announced reduction of 500,000 barrels a day represents a 5% cutwith respect to the daily production that amounts to 9.5 million barrels.
This reduction is in addition to the limitation agreed by the OPEC+ oil cartel, led by Russia and Saudi Arabia, which decided to cut joint production by 2 million barrels per day to support prices.
According to the spokesman for the Russian presidency, Dmitri Peskov, “there were talks with a certain number of OPEC+ members”before making the announcement.
Representatives of other members of this cartel from oil-producing countries told the Bloomberg agency that they are not going to compensate for the drop in Russian production.
Fears of a crude shortage boosted oil prices on Friday. (YO)
Source: Eluniverso
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