Russia orders companies to cut oil output to meet OPEC+ target

Russia’s government ordered firms to reduce oil output in Q2 in order to hit a production target of 9 million barrels per day (bpd) by the end of June.

This is in compliance with its pledges to OPEC+. Back in early March Novak made the promise:

• Russia said it’ll implement a mix of crude production and export cuts totalling 471,000 b/d

Reuters (news was out Monday) carry the information, citing three unnamed industry sources. More:

• Russia plans to gradually ease the export cuts and focus on only reducing output
• sources said the government had given specific targets to each company

This article was written by Eamonn Sheridan at www.forexlive.com.