Russia cuts oil production – media

Russian authorities ordered companies to cut oil production in the second quarter by nine million barrels per day until the end of June, in line with their OPEC+ commitments. Reuters reported this on Monday, March 25, citing its own sources.

It is noted that specific production reduction goals are set for each company.

Reuters sources said the production cuts would contribute to a seasonal maintenance peak at refineries, many of which have already cut fuel production as a result of Ukrainian disruptions and drone attacks. .

Last month, Russian Deputy Prime Minister Alexander Novak said that Russia’s oil production reached 9.5 million barrels per day.

Russia’s oil output in April, May and June will fall by about 3.6%, 4.1% and 4.9% in line with March and in line with Russia’s pledge to voluntarily cut production, data provided by sources and Reuters calculations. .

Novak said Russia would cut production by an additional 350,000 barrels per day in April, and exports would be reduced by 121,000 barrels per day from March levels. In May, production will be reduced by 400 thousand barrels per day, and exports by another 71 thousand barrels per day. In June, all further cuts will come from oil production.

Since the beginning of the year, 14 Russian refineries have been attacked. The drone strike led to the biggest weekly increase in global oil prices of the year. It was also learned on Monday that the Kuibyshev Oil Refinery shut down its main unit after the March 23 attack.

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