Russia confirms the reduction of oil production by about 500 thousand barrels per day

Russian Deputy Prime Minister and Energy Minister Alexander Novak said, during press statements, today, Tuesday, that his country will continue to reduce crude oil production by about 500,000 barrels per day until the end of next June.

The Russian minister added that his country is close to achieving its targets for crude oil production levels, commenting that his country was planning to cut production by 500,000 barrels per day in March, but it was unable to implement that.

It should be noted that on the sidelines of a high-level meeting in the Saudi capital, Riyadh, where Saudi Energy Minister Prince Abdulaziz bin Salman met with Deputy Prime Minister of the Russian Federation Alexander Novak last week, Saudi Arabia and Russia confirmed their commitment to the latest OPEC + decision to cut production until the end of 2023. .

The two parties discussed ways and tools to develop and strengthen Saudi-Russian relations to serve the interests of the two countries within the scope of the joint Saudi-Russian governmental committee, along with discussing preparations for the next meeting of the joint committee, while continuing Saudi-Russian cooperation within the framework of OPEC + to ensure stability in the global oil market. .