Russia’s authorities ordered corporations to scale back oil output in Q2 in an effort to hit a manufacturing goal of 9 million barrels per day (bpd) by the top of June.
That is in compliance with its pledges to OPEC+. Again in early March Novak made the promise:
Reuters (information was out Monday) carry the knowledge, citing three unnamed trade sources. Extra:
- Russia plans to steadily ease the export cuts and concentrate on solely decreasing output
- sources stated the federal government had given particular targets to every firm
This text was written by Eamonn Sheridan at www.forexlive.com.
