Russia Declares a 700,000 Bpd Reduction in Oil Production in March.

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According to Bloomberg, Russia claims to have reduced oil production by 700,000 barrels per day in March, significantly more than was initially anticipated. That represents a greater decrease than the 500,000 barrels per day that the nation first committed to.

The Organization of Petroleum Exporting Countries (OPEC) promised to cut production by 1.1 million barrels per day beginning in May, which contributed to the decreased output. Bloomberg, however, claimed that the data casts doubt on how much oil Russia actually produced because it didn’t line up with domestic refinery supplies and the nation’s seaborne exports.

In response to Western sanctions and energy price ceilings over its invasion of Ukraine, Russia said in February that it will reduce its crude oil production by 500,000 barrels per day for the entire month of March.

TDL.

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