The government is considering a proportional reduction in oil production between companies

Deputy Prime Minister of Russia Alexander Novak said that the government is considering a proposal to proportionally distribute between the companies the reduction in oil production by 500,000 barrels per day planned for March. He also said that the reduction of production in March is planned from the January level of oil production.

“A proposal is being considered (to reduce oil production.— “b”) exactly proportionally (between companies). Base (decrease.— “b”) most likely (will.— “b”) January, because there is actually no production in February,” the Deputy Prime Minister said (quote from Interfax). He added that the decision to reduce production has been made only for March, and further decisions will depend on the situation on the market.

February 10 Mr Novak announced on the reduction of oil production from March by 500 thousand barrels per day. He also said that Russia would not sell oil to those who directly or indirectly adhere to the price ceiling. In the Kremlin declaredthat before making this decision, the Russian side “had conversations” with a number of OPEC + participants. At the same time, the organization will reduce production quotas in the current year does not plan.

Erdni Kagaltynov