Russia says to deepen crude oil output cuts while easing export limits
Russia will cut its oil output and exports by an additional 471,000 barrels per day (bpd) in the second quarter, in coordination with some OPEC+ participating countries, its Deputy Prime Minister Alexander Novak said on Sunday.
The world’s second-largest global oil exporter has been cutting crude oil and fuel exports by a combined 500,000 bpd in the first quarter, in addition to its previous pledge to curtail production alongside other members of the OPEC+ grouping.
Russia plans to gradually ease the export cuts, Novak said in a statement. In April, it will reduce output by an extra 350,000 bpd, with exports cut by 121,000 bpd.
