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Novak Announces Q2 Oil Output Cut for Russia to Keep Pace with OPEC+ Members

Novak Announces Q2 Oil Output Cut for Russia to Keep Pace
Russia sticking to its oil output cuts: Deputy PM Novak - Markets - Business Russia sticking to its oil output cuts: Deputy PM Novak - Markets - Business
Novak Announces Q2 Oil Output Cut for Russia to Keep Pace
Russia sticking to its oil output cuts: Deputy PM Novak - Markets - Business Russia sticking to its oil output cuts: Deputy PM Novak - Markets - Business

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Novak Announces Q2 Oil Output Cut for Russia to Keep Pace with OPEC+ Members

Deputy Prime Minister Alexander Novak announced on Friday that Russia will prioritize reducing oil output rather than exports in the second quarter of the year. This decision aims to evenly distribute production cuts among OPEC+ member countries.

Earlier in March, Russia had committed to cutting its oil output and exports by an additional 471,000 barrels per day (bpd) in the second quarter, in coordination with other OPEC+ participants. Novak stated that Russian oil companies will decrease production in proportion to their share of the country’s total oil output.

The reduction in exports will be gradually eased over the coming months. In April, Russia plans to reduce output by an additional 350,000 bpd, with exports cut by 121,000 bpd. In May, the extra output cut will be 400,000 bpd, with exports reduced by 71,000 bpd. By June, all additional cuts will be focused on oil output.

This shift in strategy came as a surprise to many observers, with JP Morgan describing it as unexpected. If Russia follows through on its promised cuts, its crude oil production should decline to 9 million bpd by June, matching Saudi Arabia’s output. Currently, Russia produces around 9.5 million bpd of crude oil.

Novak emphasized that this decision aims to ensure equal contributions to production cuts within the OPEC+ agreement. He noted that while Russia initially reduced exports instead of production, it is now shifting its focus to reducing output in line with other countries’ actions.

According to industry sources, Russia’s government has instructed companies to decrease oil output in the second quarter to meet a production target of 9 million bpd by the end of June, aligning with its commitments to OPEC+.


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