• Home
  • Photo News
  • News
    • NGO/CSO
    • Photo News
    • OrientalNews 7th Anniversary
    • Press Releases
    • World News
    • Nigeria News
    • Politics
    • Opinion
    • Sports
  • Interviews
  • SMEs
  • Law
    • Crime
  • Travel & Tours
    • Aviation
    • Tourism
  • Energy
    • Oil & Gas
    • Power
  • Business
    • Banking & Finance
      • Capital Market
      • Money Market
    • Pension
    • Insurance
    • Brands & Marketing
    • IT & Telecoms
    • Labour
    • Agriculture
    • Maritime
    • Property
    • Manufacturing
  • Regulators
    • Nigeria Bureu of Statistics
    • PENCOM
    • NAICOM
    • SEC
    • NSE
    • CBN
Facebook X (Twitter) Instagram
Tuesday, July 8
  • About us
  • Terms of use
  • Privacy Policy
  • Disclaimer
  • Advertize here
  • Contact us
Facebook X (Twitter) Instagram
Oriental News Nigeria
  • Home
  • Photo News
  • News
    • NGO/CSO
    • Photo News
    • OrientalNews 7th Anniversary
    • Press Releases
    • World News
    • Nigeria News
    • Politics
    • Opinion
    • Sports
  • Interviews
  • SMEs
  • Law
    • Crime
  • Travel & Tours
    • Aviation
    • Tourism
  • Energy
    • Oil & Gas
    • Power
  • Business
    • Banking & Finance
      • Capital Market
      • Money Market
    • Pension
    • Insurance
    • Brands & Marketing
    • IT & Telecoms
    • Labour
    • Agriculture
    • Maritime
    • Property
    • Manufacturing
  • Regulators
    • Nigeria Bureu of Statistics
    • PENCOM
    • NAICOM
    • SEC
    • NSE
    • CBN
Oriental News Nigeria
Home»Energy»Oil & Gas»Russia Vows To Sustain Oil Production Cut Till June
Oil & Gas

Russia Vows To Sustain Oil Production Cut Till June

By Orientalnews StaffMarch 22, 2023No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

 

Yemisi Izuora

Russia has vowed to sustain its 500,000 barrel per day crude oil production cut through the end of June this year.

Russia’s Deputy Prime Minister Alexander Novak dropped this hint on Tuesday.

Russia first announced the 500,000 bpd production cut in February after Novak warned that there was a risk of lower oil production this year due to EU import bans and the price cap in Russian crude oil and crude oil products. Russia’s oil production had held mostly steady in December and January despite the sanctions imposed on its crude oil. Still, the low price of Urals grade crude in January shifted Russia’s budget into deficit from a surplus in January 2022.

At the time, Novak only said it would cut its March oil production. “As of today, we are fully selling the entire volume of oil produced, however, as stated earlier, we will not sell oil to those who directly or indirectly adhere to the principles of the ‘price cap,’” Novak said at the time.

Now, Russia is saying that the 500,000 bpd production cut will extend beyond March, running up to and including June of this year.

Oil prices have lost more than $10 per barrel over the last couple of weeks, spurred on in part by the near-collapse of the SVB bank and panic that the dire situation could spread to other banks and that it was indicative of broader economic troubles. But oil prices rallied on Tuesday, and Brent crude managed to eke out a 1.00% gain ($0.74) on the day.

Russia also said it was close to reaching its 500,000 bpd production cut target for this month. The timing of Russia’s production cut is a gift to OPEC, which could still decide to cut production as a group should prices fail to rally.

Share this:

  • Share
  • Click to email a link to a friend (Opens in new window) Email
  • Tweet
  • Click to share on Reddit (Opens in new window) Reddit
Orientalnews Staff

Related Posts

ViviaJets Says Private Aviation Key To Advancing Africa’s Oil And Gas Industry

July 8, 2025

Nigeria’s Petrol Import Significantly Down In June- Report

July 8, 2025

OPEC To Raise September Production By 550,000 Barrels A Day

July 8, 2025

Leave A Reply Cancel Reply

2025 OrientalNews Conference

0
Years
:
0
Months
:
0
Days
:
0
Hrs
:
0
Mins
:
0
Secs
The latest
  • Ecobank Drives Sustainable Education Ecosystem With Customer Value Proposition 
  • Nigeria Judiciary Called To Promote Confidence In Nigeria’s Capital Market
  • NCS, Others Engages International Airlines On Currency Declaration
  • Oby Ezekwesili Confirmed Keynote Speaker At 7th Penpushing Media Anniversary Lecture 
  • CBN Clarifies NRBVN Charges For Nigerians In Diaspora 
  • MultiChoice Nigeria To Pay $501, 340 Fine For Data Breach
  • NCC’s Digital Awareness Programme Wins 2025 Prize 
  • Nigeria’s power sector: The way forward
  • ViviaJets Says Private Aviation Key To Advancing Africa’s Oil And Gas Industry
  • Sahara Group Drives Dialogue On Gas As Catalyst For Africa’s Sustainable Future
Categories
Quick Links
  • About us
  • Terms of use
  • Privacy Policy
  • Disclaimer
  • Advertize here
  • Contact us
Facebook X (Twitter) Instagram YouTube LinkedIn
Copyright © 2025 Oriental News Nigeria. All right reserved.

Type above and press Enter to search. Press Esc to cancel.