ICYMI – Russia Deputy PM Novak says will stick to pledge to cut oil output by 500,000 bpd | Forexlive

Deputy Prime Minister of Russia Alexander Novak issued a statement Thursday saying the country will stick to its output cut commitments.

• “Taking into account the unfounded speculation in the press regarding oil production levels, Russia reaffirms its full commitment to and implementation of voluntary oil production cut levels”
• “The target level of voluntary production cuts is 500,000 bpd from the February level until the end of 2023. Monitoring will be carried out according to independent sources.”

Novak added that Russia’s oil pipeline deliveries to European clients have dropped by more than two-thirds, this fiall has only partly been made up by seaborne exports.