Russia to reduce oil production by over 41 million tons in 2020

Source : 112 Ukraine

According to the agreement of OPEC, the country will reduce oil production by 10% from 561 million tons to 510-520 million tons
16:27, 7 June 2020

Russia will cut its crude oil production to 510-520 million tonnes in 2020 from around 561 million tonnes in 2019, Energy Minister Alexander Novak stated. This is reported by Reuters.

Novak, speaking shortly after OPEC, Russia, and others agreed to extend record oil production cuts until the end of July, said the United States had cut its oil output by 1.9 million barrels per day.

Russia will fully comply with the deal this month, Novak told reporters in Moscow.

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Earlier OPEC countries, Russia and the organization’s allies agreed to extend record cuts in oil production until the end of July.

In particular, we are talking about the extension of the agreement to reduce the production of 10% of world oil volumes, which was reached in April.

In addition, a group known as OPEC + demanded that countries such as Nigeria and Iraq, which exceeded production quotas in May and June, offset further reductions in July-September.

As we reported before, Producers of the OPEC+ group and their allies, including Russia, came to an agreement: the production of oil will be cut by more than 20 percent. OPEC+ decided so during the negotiations on April 9, as the members gathered on a video conference

In order to support the world prices for oil, the Group agreed to cut the production by 10 million barrels per day, which is 10% of the daily supplies. Other countries are expected to cut it by another five million barrels. The cuts will be gradually decreasing until April 2022.

Related: Russia is preparing mirror measures in response to expulsion of its diplomats from Czech Republic

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