Russia will extend the reduction of its crude oil production by 500,000 barrels per day until the end of the year, Deputy Prime Minister for Energy Alexander Novak announced on Sunday, facing a period of “uncertainty” in the black gold market.
“As a responsible and preventive action, Russia is implementing a voluntary reduction of 500,000 barrels per day until the end of 2023 compared to the average production level in February,” Novak said in a statement.
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