Russia is ready to reduce oil production

Bloomberg Agency, citing sources, reports that Russia is ready to reduce oil production by one million barrels per day, provided that the United States joins the agreement.

As the US Agency notes, a broader coalition of oil producers may demand more production cuts.

In March, Russia’s oil production reached 11.294 million barrels. According to the portal, the Russian Federation is ready to consider a reduction of 1.5 million barrels of oil per day.
OPEC+ countries in early March failed to reach an agreement on changing the parameters of the agreement on reducing oil production, or on its extension. Riyadh insisted on an additional reduction in production, but this did not suit Moscow, which offered to maintain the current conditions.

From April 1, participants in the OPEC+ deal will not have any obligations to each other. The Saudis announced that they will increase production, lower prices and offer European buyers large volumes at a discount. This led to a collapse in oil prices on world markets.

Author: Flyn Braun
Graduated from Cambridge University. Previously, he worked in various diferent news media. Currently, it is a columnist of the us news section in the Free News editors.
Function: Editor