The Russian Federation will cut its oil production volume by 500,000 barrels per day till the end of the year, the RF Government press office quotes RF Vice Premier Alexandr Novak as saying.
‘The global oil market is undergoing a period of high volatility and unpredictability due to the ongoing banking crisis in the US and Europe, the global uncertainty and the unpredictable and short-sighted decisions in energy policy, while predictability is a key factor for energy security in the global oil market’ he said.
‘Russia is implementing a voluntary reduction of oil production by 5000 thousand barrels per day from the February average production rate by the end of 2023 as a responsible and preventive action,’ Novak continued.
Earlier, Novak said Russia would cut oil production by 500,000 bpd till the end of June.
Photo: RF Government press office