Russia orders its companies to cut oil production - Reuters

Sophia ZakrevskaNews
Russia has ordered its companies to cut oil production. Source: freepik.com

The government of the aggressor country Russia has ordered companies to cut oil production in the second quarter of 2024. It is noted that in this way, Russia wants to ensure that the target production rate of 9 million barrels per day is achieved by the end of June in accordance with its obligations to OPEC+ (Organization of the Petroleum Exporting Countries).

Reuters writes about this, citing informed sources. According to them, the Russian government has set specific targets for each Russian company, explaining that it intends to fulfill its OPEC+ promise to reduce oil production to support international oil prices.

Oil production in Russia in April, May, and June will fall by about 3.6%, 4.1%, and 4.9%, respectively, compared to March.

"The production cuts will contribute to a seasonal peak in maintenance at refineries, many of which have already cut fuel production due to outages and attacks by Ukrainian drones," the article says.

If the cuts are implemented as planned, Russia will produce about 9 million barrels of oil per day by June of this year. Russia plans to gradually ease the export cuts and focus only on production cuts, Reuters notes.

As reported by OBOZ.UA, the recent strikes on Russian oil refineries have probably disrupted the operation of at least 10% of Russia's oil refining capacity. Due to the sanctions, it will take a long time to repair the equipment, and although Moscow has promised to "cover" the refineries with "shells," it is unlikely that it will be able to protect all vulnerable facilities.

We also wrote that after drone attacks on Russian oil refineries forced Russia to impose a ban on gasoline exports, the aggressor country is trying to increase sales of crude oil abroad. However, soon oil exports from Russia may also fall along with its production volumes, as there will be nowhere to store the raw materials.

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