The Russian Government has announced that it will voluntarily cut oil production by 500,000 bbl/d (about 5% of its output) in March 2023, after the European Union, the G7 countries and Australia imposed price caps on Russian oil (December 2022) and petroleum products (February 2023). The previous significant drop in Russian oil output was in April 2022 when it fell by nearly 9% following the introduction of Western sanctions over Ukraine.
Russia has announced that it had held talks with some members of the OPEC+ oil producers group regarding its decision to cut output. In early February 2023, the Joint Ministerial Monitoring Committee (JMMC) of the OPEC+ group recommended that no change be made to oil production quotas. In October 2022, the OPEC+ had agreed to reduce oil production by 2 mb/d in November 2022 from the August 2022 required production level (a 4.5% cut in the organisation's total supply).
In 2021, Russia produced more than 523 Mt of crude oil, or a yearly average of about 10.3 mb/d.
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