• J-PECO  HeFei, China
  • 16F, Fusi Center, FeiCui Road and XiuNing Road Intersection, ShuShan District, HeFei City, AnHui Province, PRC.
  • +86 551-64665822 63524022
  • +86 551-63524022-8010
  • rex.gao@j-peco.com
  • http://www.j-peco.com
Russia reducing oil product quickly and fully fulfilling OPEC + production reduction commitments
Date: Click quantity: 842

Russia's production cut is the key to the success of the OPEC + agreement. To achieve the 10% global production reduction goal, Russia and Saudi Arabia must bear the highest production reduction ratio. In the past, Moscow often experienced production exceeding the prescribed quotas, which led to a decline in the country’s influence and a conflict with Riyadh.

In an interview with the Russian conference organizer Roscongress on Wednesday, Pavel Sorokin, Russia’s deputy minister of energy, said that Russia “plans to reach the maximum output reduction target in the shortest possible time and is making every effort to this end”. He did not provide more details.

Sorokin said, "Oil producers understand that if they do not take action, they will be punished soon. Under the present circumstances, this punishment is a new round of plunge in the oil market. No one wants to see this, whether it is a consumer country or the oil-producing country. "

Russia and Saudi Arabia will cut production by 2.5 million barrels/ day to 8.5 million barrels/day in May and June, respectively. After that, the two countries and other member states will gradually reduce their production reduction until 2022.

Sorokin said, "When the market begins to rebalance, Russia can resume most of the reduced production within a few weeks if necessary."