Russia intends to reduce its oil production from the beginning of next May.
According to ArabiaNet, Interfax news agency quoted the head of investor relations at Lukoil as saying that Russia will reduce its oil production in May by 19% to 8.5 million barrels per day, from the level of February / March of 10.4 million barrels per day.
Alexander Balivoda said that Lukoil would reduce its oil production in Russia by 300 thousand barrels per day in May compared to February, but that the Russian shares will not affect the company's activities in other countries.
Reuters reported this month that the Russian Energy Ministry had asked domestic oil producers to cut production by about 20% of average February levels, bringing Russia in line with its pledge under the agreement reached by the OPEC + group to cut production by 9.7 million barrels per day in May and June to support Crude prices.
