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Russia Outlines Details On Oil Production Cut

OIL

Russia’s oil companies will cut their output by 500kbpd in March in proportion to their share in the nation’s production, Russia Deputy Prime Minister Alexander Novak said.

  • The baseline for the 500kbpd production cut will be Russia’s January output. Russia pumped about 10.86mbpd of crude oil and condensate in Jan, data from the Energy Ministry’s CDU-Tek unit show.
  • The government expects the Urals discount to international benchmarks to narrow, following the recent changes in Russia’s oil tax calculations, he added.

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