Novak: Russia is committed to oil production cuts

Russian Deputy Prime Minister Alexander Novak said on Thursday that Russia is committed to its voluntary pledge to cut oil production by 500,000 barrels per day from February until the end of the year.

Russia is part of the OPEC + group of oil-producing countries that announced that they would collectively cut oil production by more than one million barrels per day in April, in a sudden decision that the United States described as unwise.

“Taking into account unfounded speculations in the press about oil production levels, Russia confirms its full commitment and implementation of voluntary production cuts,” Novak said in a statement.

“The target level of voluntary production reduction is 500,000 barrels per day from the February level until the end of 2023. Monitoring will be carried out according to independent sources,” he added.

He also said that the estimated decrease of two-thirds of the volume of Russian oil pipeline exports to the EU was only partially offset by seaborne exports.