Novak: Russia to Reduce Oil Production in Q2 to Align with Other OPEC+ Countries

Russian Deputy Prime Minister Alexander Novak indicated today, Friday, that "Russia has decided to focus on reducing oil production rather than exports in the second quarter in order to equitably share production cuts with other OPEC+ member countries." Novak told reporters that "Russian oil companies will reduce production in accordance with their share of the country's total oil output." Earlier this month, Russia announced it would cut its oil production and exports by an additional 471,000 barrels per day in the second quarter in coordination with some OPEC+ countries.