Russia has obliged its companies to reduce oil production - Reuters

 Production is expected to fall by 500,000 barrels per day in the second quarter

The Russian government has ordered companies to cut oil production in the second quarter to 9 million barrels per day in line with their commitments to OPEC+. This was reported by the Reuters agency with reference to its sources.

According to the sources, the government has set specific targets for reducing production for each company.

Russian oil production in April, May and June will fall by about 3.6%, 4.1% and 4.9%, respectively, compared with March, according to Reuters estimates.

Also, in April, the Russian Federation will reduce oil exports by 121,000 barrels per day relative to the March level. In May, another 71,000 barrels per day.

The Russian Federation closed official statistics on crude oil production, but according to independent estimates, Russia produces 9.5 million barrels per day.

The production cut coincides with a seasonal peak for maintenance at refineries, many of which have already cut fuel production due to disruptions and drone attacks, the agency said.