Novak: Russia cuts oil production by 500,000 bpd from February levels

Russia continues to adhere to the reduction of oil production by 500,000 barrels per day from the level of February 2023, Deputy Prime Minister Alexander Novak made such a statement, commenting on “speculation in the press.”

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

Commenting on media reports of an increase in Russian oil exports based on monitoring of offshore shipments, Novak noted that journalists did not take into account the “significant reduction” in pipeline supplies to the EU. According to him, the volume of such supplies fell “by more than two-thirds.” It was only partially compensated for by maritime exports, the Deputy Prime Minister added.

May 2 Bloomberg reportedthat, despite Moscow’s statements about reducing oil production, “signs of a noticeable drop in oil exports” are allegedly not observed.

February 10 Novak declaredthat Russia will voluntarily reduce oil production in March by 500,000 barrels per day. The Deputy Prime Minister explained that such a reduction would contribute to the “restoration of market relations” in the face of sanctions, and further decisions on production volumes would depend on the “situation on the market.”

In April Novak informedthat Russia has decided to extend its voluntary oil cuts until the end of 2023.