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Russia sticking to its oil output cuts, deputy Prime Minister Novak says

MOSCOW, May 4 (Reuters) – Deputy Prime Minister Alexander Novak said on Thursday Russia was abiding by its voluntary pledge to cut oil output by 500,000 barrels per day (bpd) from February until the end of the year.

Russia is part of the OPEC+ group of oil-producing countries that announced a combined reduction of more than 1 million bpd in April, a surprise decision the United States described as unwise.

“Taking into account the unfounded speculation in the press regarding oil production levels, Russia reaffirms its full commitment to and implementation of voluntary oil production cut levels,” Novak said in a statement.

“The target level of voluntary production cuts is 500,000 bpd from the February level until the end of 2023. Monitoring will be carried out according to independent sources.”

He also said a two-thirds reduction in Russia’s oil pipeline exports to the European Union was only partially compensated by sea-borne exports.

Reporting by Vladimir Soldatkin; Editing by Susan Fenton

Our Standards: The Thomson Reuters Trust Principles.

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