Novak: Russia is close to its target of cutting oil production to 9.5 million barrels per day

Russia is very close to achieving its target of cutting oil production by 500,000 barrels per day to around 9.5 million barrels per day. Deputy Prime Minister Alexander Novak said this in a statement. The cut amounts to five percent of the country’s previous oil production. Russia is the world’s second-largest oil exporter, after Saudi Arabia.

In the statement, Novak warned that many incorrect interpretations had emerged of the actual production cut plan announced in February. “Production will be cut by 500,000 barrels per day from the current level of around 10 million barrels per day. Russia is now close to the target level for the cut and will reach it in the coming days,” the statement said.

In February, state media reported that the cut would be based on January’s production level of 9.8 to 9.9 million barrels per day. This would bring Russian production below 9.4 million barrels per day.