Russia to Voluntarily Reduce Oil Production by 500,000 Bpd in March, Moscow Says
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MOSCOW (Sputnik) - Russia will voluntarily reduce oil production by 500,000 barrels per day in March in order to contribute to the restoration of market relations, Russian Deputy Prime Minister Alexander Novak said on Friday.
"Russia will voluntarily cut production by 500,000 barrels per day in March. This will contribute to the restoration of market relations. When making further decisions, we will make decisions based on the current market situation," Novak told a briefing.
The official underscored that Russia is selling all of its oil, but will not sell it to those who directly or indirectly support the price cap.
Oil prices soared on Novak`s statement.
© Sputnik
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