Russia To Focus on Oil Production Cuts in Q2 To Catch Up with OPEC+ Allies

Russia will be cutting oil production instead of exports in the second quarter of 2024 so that all OPEC+ producers that reduce output contribute equally to the cuts, Russian Deputy Prime Minister Alexander Novak said on Friday. “This is a move to ensure an equal contribution of all countries to the production cuts,” Novak was quoted as saying by Russian news agency Interfax. “The moment has come when we are reducing production instead of exports,” Russia’s top oil official added. When the OPEC+ members announced…