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Russia Cuts April Crude Output By Announced 500kbpd: Novak

OIL

Russia reached the targeted level of its oil output this month after announcing production cuts of 500kbpd until the end of the year, Russian Deputy PM Alexander Novak said.

  • Russian oil and gas condensate production is expected to decline to around 515mn tonnes (10.3mbpd) this year from 535mn tonnes in 2022, Novak said.
  • Novak added that OPEC+ does not see the need for further oil output cuts despite lower-than-expected Chinese demand, though the organisation is always able to tweak its policy.
Energy BulletsCommodities
Energy BulletsCommodities

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