Russia to implement its decision to “reduce” oil production by the end of the year

In a written statement, Russia’s Deputy Prime Minister Novak stressed that there are highly volatile and unpredictable processes in the oil market due to the banking crisis in the US and Europe and the wrong steps in the energy field in the world.

Stating that Russia has decided to cut oil production as a preventive measure, Novak said: “We will reduce our oil production by 500,000 barrels per day until the end of the year compared to our February production volume.” he used the phrase.

WHAT HAPPENED?

Novak, in a February 10 statement, said that Russia will cut oil production by 500,000 barrels per day in March.

In December 2022, the countries of the European Union agreed on a maximum price of $60 per barrel for oil transported by sea from Russia.

A price ceiling of $100 a barrel was imposed on Russian diesel and kerosene, and $45 a barrel on cheaper liquid fuels and light-colored petroleum products. (AA)