Russia's government ordered firms to reduce oil output in Q2 in order to hit a production target of 9 million barrels per day (bpd) by the end of June.
This is in compliance with its pledges to OPEC+. Back in early March Novak made the promise:
Reuters (news was out Monday) carry the information, citing three unnamed industry sources. More:
- Russia plans to gradually ease the export cuts and focus on only reducing output
- sources said the government had given specific targets to each company
