Official: Russia to keep 500,000 bpd oil output cut till July

MOSCOW, Mar 21 (PRIME) – Russia will continue to reduce its oil production by 500,000 barrels per day until July, Deputy Prime Minister Alexander Novak told reporters on Tuesday.

“The decision on a voluntary reduction of production by 500,000 barrels per day will be in effect through June 2023,” he said.

He also said that Russia was close to the reduction target, and that the level should be achieved in a few coming days.

In February, Novak said that Russia would voluntarily reduce its production by 500,000 barrels per day in March following introduction of the price caps on Russian oil and oil production by the West. The decision will help restore market relations, he said then.

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