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The Russian Information Agency reported that Russian Deputy Prime Minister Alexander Novak said that the previously announced reduction in oil production by 500 thousand barrels per day will be from the level of production of 10.2 million barrels per day in February.
Novak said this means Russia is aiming to produce 9.7 million bpd between March and June, when the production cuts are in effect.
He added that Russia had not received any proposals from members of the OPEC + group to change the terms of an existing agreement to cut production.