Moscow: Russian Deputy Prime Minister Alexander Novak told reporters that Russia and a number of other OPEC+ nations will cut oil production rather than exports in the second quarter of this year in order to match other nations’ contributions to the overall reduction.
Novak was asked how the decision to extend the cuts related to statements made earlier in the day that the market is in balance.
He added that the move is to guarantee that every nation contributes equally to the decrease in output.
“As you may remember, we only suffered a 5 percent decrease in exports not the same percentage as other nations. The time has arrived for us to cut output rather than export it,” he said.
Source: Jordan News Agency