Russia Is Ready to Reduce Oil Production by 14 % for the Sake of OPEC+ Deal
OREANDA-NEWS. Russia agrees to reduce production under the deal of OPEC+ countries and other oil producers by 14 % from the level of the first quarter of 2020, by 1.6 million barrels per day. This was reported to TASS news agency by the representative of the Ministry of Energy of Russia. Moscow may take this step in the case of a proportional decrease of other countries’ share in total production.
Earlier, the newspaper RBC, citing sources, wrote about the possibility of Russia to reduce oil production by 14 % from the level of the first quarter of this year, which amounted to 11.3 million barrels per day. According to interlocutors of RBC, the United States, Mexico, Norway, Canada and other countries with a total production of 70 million barrels per day may enter the deal.