russia forces its companies to cut oil production - Reuters
Kyiv • UNN
russia requires its oil companies to cut production to 9 million barrels per day by the end of June in line with OPEC+ commitments.
In accordance with its obligations to OPEC+, moscow ordered companies to cut oil production in the second quarter to 9 million barrels per day. Reuters reports this with reference to its own sources, UNN reports.
Details
According to sources, the government has set specific production reduction targets for each company.
It is noted that the production cut will contribute to the seasonal peak of maintenance at refineries, many of which have already reduced fuel production as a result of disruptions and attacks by Ukrainian drones.
Reuters reports that russia's oil production in April, May and June will fall by about 3.6%, 4.1% and 4.9% respectively compared to March and in line with russia's promises to voluntarily cut production.
However, such reductions will not apply to gas condensate production. In 2023, russia received 1.3 billion barrels per day of such raw materials, according to Reuters.
Addendum
The publication reminds that last month, russian Deputy Prime Minister Alexander Novak said that russian oil production amounts to 9.5 million barrels per day.
In addition, Novak said that russia will cut production by an additional 350 thousand barrels per day in April, and exports will be reduced by 121 thousand barrels per day compared to March.
In May, production will be reduced by 400 thousand barrels per day, and exports by another 71 thousand barrels per day. In June, all additional reductions will come from oil production.
Recall
russia's Kuibyshev oil refinery shut down the CDU-5 primary oil refining unit after a drone attack, losing half of its production capacity.
