• Russia plans to cut its oil output and exports by an additional 471,000bpd in Q2, in coordination with OPEC+ participating countries.
• The world’s second-largest global oil exporter has been cutting crude oil and fuel exports by a combined 500,000 bpd in the first quarter.
• Russia plans to gradually ease the export cuts, with output reductions in April and May, and exports in June.
• The export cut will be made from the average export levels of May and June 2023.
• Russia pledged to reduce its crude oil output by 500,000 bpd until the end of 2024 to around 9.5 million bpd.
• A six-month ban on Russian gasoline exports from March 1 was not reflected in Novak’s statement.
• Russia’s crude oil and fuel trade has been under Western sanctions over the Ukraine conflict and the US imposed sanctions on Russia’s leading tanker group Sovcomflot.