ICYMI: Russia decided to keep its oil production at a reduced level through June (Novak) | Forexlive

A statement issued by Russia’s Deputy Prime Minister Alexander Novak overnight saying that the country’s current curtailed level of crude oil output would be in place through June 2023.

The background to this is that in February Russia said it’d cut crude-only output by 500,000 barrels per day in March in response to western energy sanctions.

• Novak says this cut target is close to being hit and will be within the coming days.
• added on western price cap sanctions that Russia won’t accept any external restrictions, which create “significant risks for the energy security of the whole world”

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Note that Russia’s seaborne crude exports have been resilient, so there are questions if cuts have taken place. Domestic refinery runs have also held at levels that do not indicate output reductions.

Is Novak telling the truth?