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Russia will extend the cut to its oil production by 500,000 barrels per day until the end of June, taking into account the current market situation. This was announced by Deputy Prime Minister Alexander Novak, quoted by Russian agencies.
The country last month pledged to cut its production in March in response to Western sanctions. The cut is equivalent to about 5% of Russia’s total crude and condensate production in January, taken as the basis for the cuts.
Moscow will not accept any external restrictions, which create “significant risks for the energy security of the whole world“.