Russia to Reduce Oil Production to 9.7 Million Barrels per Day

Russian Deputy Prime Minister Alexander Novak indicated that the previously announced reduction in oil production by 500,000 barrels per day will be from a production level of 10.2 million barrels per day in February, according to Russian media agency reports. Novak stated that "this means that Russia aims to produce 9.7 million barrels per day between March and June, when the production cut will be in effect." He noted that Russia has not received any proposals from OPEC+ members to change the terms of the current production cut agreement.