Russia cuts oil production at Europe's expense

Russia currently reduces crude output by 500,000 barrels per day from the level of February 2023, Deputy Prime Minister Alexander Novak said, adding that monitoring will be conducted using independent sources.

"The targeted level of voluntary output reduction from the level of February totals 500,000 barrels per day by the end of 2023. Monitoring will be conducted using independent sources," he said.

Earlier, Novak did not specify the period from which the reduction should be reckoned, noting that it was necessary to clear up the issue.

"Russia confirms full adherence and fulfillment of voluntary levels of oil output reduction," Deputy PM added.

He also noted current speculations in foreign media on crude production levels. In particular, a number of outlets wrote earlier about rising export of oil based on the results of maritime exports monitoring.

But journalists do not take into account the fact that pipeline supplies to the EU went down substantially, by more than two-thirds, which was only partially offset by maritime exports, Novak stressed.