A high level ministerial panel from the group is scheduled to meet on April 3 to discuss market conditions, with a full ministerial meeting planned for June 4. (Reporting by Reuters, writing by Mark Trevelyan and Ahmad Ghaddar; editing by Barbara Lewis)
(Adds detail, context)
MOSCOW, March 21 (Reuters) - Russian Deputy Prime
Minister Alexander Novak said on Tuesday that Russia will
continue a 500,000 barrels per day oil production cut until the
end of June.
"At the moment, Russia is close to achieving the target
level of reduction - it will be reached in the coming days,"
Novak said, referring to the announcement he made last month
that Russia would cut by 500,000 bpd from March.
"In accordance with the current market situation, the
decision to voluntarily reduce production by the amount of
500,000 bpd will be valid until June 2023 inclusive."
In a statement, Novak said the global oil market was under
unprecedented pressure, citing Western energy embargoes against
Russia and what he called dangerous attempts to cap the price of
Russian oil.
Russia's unilateral output cut is in addition to an
agreement by OPEC+, which groups the Organization of the
Petroleum Exporting Countries and allies led by Russia.
Last October the group agreed steep output cuts of 2 million
bpd from November until the end of 2023 despite calls for
increasing output from major consumers.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.