Russia Urges Oil Companies to Lower Output in Q2 to Meet Production Goal
Monday, 25 March 2024, 15:04
Russia's Oil Production Directive
Russia's government has ordered oil companies to reduce output in Q2 to align with OPEC+ targets. The directive aims to ensure compliance with the production goal of 9 million barrels per day by June's end.
Impact on Company Operations
- Specific Reduction Targets: Companies received individual output reduction objectives to meet the national target.
- Conflicting Messages: Companies were confused by mixed signals regarding the nature of the production cuts.
The move is expected to lower Russia's output from its earlier 9.5mbpd to just above the 9mbpd mark, influencing market dynamics and oil prices.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.