Novak: Russia Committed to Oil Production Cuts

Russian Deputy Prime Minister Alexander Novak stated today, Thursday, that "Russia is committed to its voluntary pledge to reduce oil production by 500,000 barrels per day from February until the end of the year." Novak said in a statement, "Taking into account unfounded press speculation regarding oil production levels, Russia reaffirms its commitment to voluntary production cuts," noting that "the target level for voluntary production cuts is 500,000 barrels per day from the February level until the end of 2023. Monitoring will be carried out according to independent sources." He pointed out that "the estimated decline of two-thirds of Russian pipeline oil exports to the European Union has only been partially compensated by sea-borne exports." Russia is part of the OPEC+ group, which includes oil-producing countries that have announced they will collectively cut oil production by more than one million barrels per day.