Bloomberg news agency quoted an informed source as saying that the Russian Energy Ministry reduced its oil production last March by 700,000 barrels per day.
This figure exceeds the size of the reduction that Moscow previously pledged, amounting to 500 thousand barrels per day.
The average total production of crude oil and condensate in Russia during the month of March was 10.36 million barrels per day, compared to 11.1 million barrels per day in February, according to Bloomberg calculations.
It is worth noting that the statement of the Joint Ministerial Monitoring Committee of the “OPEC +” alliance stated that the additional voluntary reduction in oil production would be 1.66 million barrels per day.
According to the statement, which Al-Arabiya.net received a copy of; The members of the Joint Ministerial Committee for Production Monitoring in “OPEC Plus” reaffirmed their commitment to the declaration of cooperation that will continue until the end of 2023 AD, as agreed upon in the thirty-third ministerial meeting of OPEC member states and participating countries from outside it, which took place on October 5, 2022 AD.
The meeting noted the following voluntary production adjustments announced on April 2, 2023 by the Kingdom of Saudi Arabia (by 500,000 barrels per day), the Republic of Iraq (by 211,000 barrels per day), the United Arab Emirates (by 144,000 barrels per day), and the State of Kuwait. (by 128 thousand barrels per day).
The statement stated that the aforementioned amendments will be in addition to the voluntary amendment announced by the Russian Federation, by 500 thousand barrels per day, until the end of 2023 AD, which will be from the average production levels as estimated by secondary sources for the month of February 2023 AD.