Russia’s government has issued directives to oil companies to curtail oil production in the second quarter, aiming to achieve a target output of 9 million barrels per day (bpd) by the end of June in adherence to its commitments to the OPEC+ alliance, as confirmed by industry sources. Deputy Prime Minister Alexander Novak previously announced plans for additional oil output and export cuts of 471,000 bpd in the second quarter, aligning with OPEC+ agreements. The focus will be on reducing output gradually, with specific targets assigned to individual companies to ensure compliance with the production cuts. If implemented as planned, Russian oil production is expected to reach approximately 9 million bpd by June. The move aims to support international oil prices and fulfill Russia’s obligations within the OPEC+ framework. The production adjustments coincide with a seasonal peak in refinery maintenance activities and disruptions caused by outages and drone attacks in Ukraine. While Russian Energy Ministry and Novak’s press office declined to comment on the matter, sources indicate that oil and gas condensate production in Russia has decreased from its peak in 2019, reflecting coordinated efforts with OPEC to stabilize global oil markets amidst ongoing geopolitical developments.
Russia Orders Oil Companies to Reduce Output to Meet OPEC+ Target