Russia announced Tuesday to extend the reduction of its crude production by 500,000 barrels per day until the end of June, more than a month after ordering this reduction in retaliation for the various international sanctions targeting its oil.
"
In accordance with the current market situation, the decision to voluntarily reduce production by an amount of 500,000 barrels per day will be valid until June 2023 inclusive
," the deputy prime minister in charge of agriculture told reporters. Energy, Alexander Novak, quoted by Russian news agencies.
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He specified that Russia was “
on the verge of reaching the target level of reduction
” announced on February 10.
“
It will be reached in the next few days
,” he continued.
This announcement comes amid a visit by Chinese President Xi Jinping to Moscow.
Despite the rain of international sanctions targeting Russian oil (embargo and selling price cap on crude oil and refined products), China has bought plenty of black gold from Moscow since the start of the Russian offensive in Ukraine.
Beijing has notably benefited from purchase discounts for its particularly energy-intensive economy.
The announced reduction of 500,000 barrels per day represents a drop of about 5% of current daily Russian extractions, which total more than 9.5 million barrels.
At the time of Moscow's initial decision in February, observers of the black gold market saw it as a desire to boost market prices to stem the fall in its income, estimated at 42% for the month of January according to the International Energy Agency (IEA).
