Russia has reduced its crude oil production by 700,000 bpd in March, a person familiar with Russian Energy Ministry figures told Bloomberg. Russia warned in February that it would cut crude oil production in the sanctioned nation by 500,000 bpd. At the time, Deputy Prime Minister Alexander Novak said the decreased production was due to the EU import bans and price caps on the nation’s products.
Initially, Novak said the cuts would be for March only. But 2/3rds of the way through March, Novak updated the timeline, saying the cut would be extended.…Russia Cuts More Oil Production Than Anticipated
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