Russia announces reduction in oil production

The country will reduce oil production by half a million per day, according to the announcement by the Deputy Prime Minister, Alexander Novak

This Friday the Russian Deputy Prime Minister, Alexander Novak, announced a reduction in oil production for the month of March.

After the Western countries imposed a top price on Russian oil, the nation made the decision to apply a reduction in its production by half a million barrels, which will take effect next month.

Russia has made it clear in the statement that they will not sell oil “to those who directly or indirectly adhere to the maximum price.” The decision is voluntary; Deputy Minister Novak hopes that “it will contribute to the restoration of market relations.”

The president of Russia, Vladimir Putin, had already signed the measure on the first day of the current month, in response to the cap price of 60 dollars for a barrel of oil that Australia, the G7 and the European Union have imposed.



(Image source reference: Zbynek Burival, Unsplash)

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