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Russia reaches declared volume of voluntary cuts in oil production — Deputy PM

The exact figure of the current level of oil production wasn't mentioned

MOSCOW, April 27. /TASS/. In April, Russia has already reached the announced volumes of voluntary cuts in oil production of 500,000 barrels per day, Deputy Prime Minister Alexander Novak told reporters on Thursday.

"Yes, in April we entered the reduction [level], our companies are fulfilling their obligations," he said.

However, Novak did not name the exact figure of the current level of oil production.

Russia made a decision to voluntarily cut oil production in March, then the production cut was extended through June, and then this decision was extended until the end of the year. Alexander Novak explained that the reduction in oil production is aimed at reducing the discount on Russian oil and ensuring stable supplies.

In late March, Novak said that Russia was close to reaching the target level of production cuts. According to him, in March Russia would reduce oil production by 500,000 barrels per day from the average level in February, determined in accordance with independent sources. According to OPEC, Russia produced 10 million barrels per day of oil in February.