Russia has reached the volume of reducing oil output by 500,000 barrels per day (bpd) since May, Russia’s Deputy Prime Minister Alexander Novak told reporters.
“As for the current situation, Russia is cutting [output] by 500,000 barrels per day. We have reached [the announced reduction volume] in May,” he said.

From March 1, 2023, Russia started reducing oil output by 500,000 barrels per day from March. According to Russian Deputy Prime Minister Alexander Novak, Russia has made the choice voluntarily, without consulting with the OPEC+ countries. Novak’s representative explained that the reduction would affect only oil output, excluding gas condensate. The production quota will be distributed evenly among oil companies depending on their level of production.

At the end of April, Novak said that Russia had already reached the volume of voluntary production cuts. At the same time, he did not give an exact figure for the level of production after the cuts.

At the same time, the International Energy Agency (IEA) claimed in its May report that Russia had not reached the declared volume of production cuts.
Source: TASS