Russia reports cutting oil output by 700,000 barrels per day in March
Russia reports cutting oil output by 700,000 barrels per day in March, with implications for global energy markets and the economic outlook.
Russia’s Energy Ministry said the nation reduced its oil output by about 700,000 barrels a day last month, according to a person familiar with the figures.
Yet that figure is inconsistent with data on the nation’s March seaborne exports and supplies to domestic refineries — adding to the uncertainty over how much oil Russia actually pumps.
The Kremlin pledged to curb crude-only output by 500,000 barrels a day between March and December in retaliation for Western trade restrictions and a price cap imposed by the Group of Seven industrialized nations. The reduction was 40% higher, according to the Energy Ministry data.
Source : Russia reports cutting oil output by 700,000 barrels per day in March
