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Russia’s Crude Output Cuts Aimed To Support Global Oil Prices

OIL

Russia’s pledged voluntary crude output cuts are intended to support global oil market prices, President Vladimir Putin said.

  • “All our actions, including those related to voluntary production cuts, are connected with the need to support a certain price environment on global markets in contact with our partners in OPEC+,” Putin said.
  • Russia promised to reduce its crude oil production by 500kbpd compared to February levels from March until the end of the year.
  • Latest IEA data suggested, Russia’s crude output in April was around 9.6mbpd, only 200kbpd lower than the February baseline.

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