Russia continued to cut its oil production in May per the OPEC agreements, Russian Deputy Prime Minister Alexander Novak said on Thursday
, in another attempt to reassure the market that OPEC producers are committed to the pact and to stabilizing the oil market. “Our reduction against April continued in accordance with our OPEC agreements,” Novak told reporters on the sidelines of the St. Petersburg International Economic Forum, as quoted by Russia n news agency TASS. Asked about exact numbers for the May oil production , Novak said that the scale of the output cut would become clear in about a week.
In May, the 471,000 bpd reduction would be in the form of a 400,000-bpd cut to production and 71,000 bpd cut to exports, and in June the Russian supply cut would be 471,000 bpd entirely from production reductions. Output cuts were to account for most of the extra Russian supply cut this quarter, and they could be the result of reduced refining capacity with maintenance in Q2 and refinery rates estimated to have slumped due to Ukrainian drone attacks on Russian refineries.
OPEC Novak Oil Oil Prices Oil Production Output Cuts
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