Russia joins OPEC+, which announced cuts of about 1.16 million barrels a day in a surprise move earlier this month that the US described as unwise.
Russian Deputy Prime Minister Alexander Novak said today that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) do not see a need for further oil production cuts despite lower-than-expected demand from China, although the organization can always to change his policy.
Novak also said Russia reached its oil production target this month after announcing output cuts of 500,000 barrels per day, or 5% of its oil output, until the end of the year.
Russia joins OPEC+, which announced cuts of about 1.16 million barrels a day in a surprise move earlier this month that the US described as unwise.
Novak said Russian oil and gas condensate output is expected to fall to about 515 million tonnes (10.3 million barrels per day) this year from 535 million tonnes in 2022.
Source: Skai
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