Russia will reduce oil production with similar US measures

Russia will agree to a reduction in oil production if the U.S. authorities also support a reduction in production. This was reported by Bloomberg with reference to the source.

He noted that Moscow is ready to reduce production by 10%.

It is specified that with such a development Russia will reduce oil production by one million barrels per day.

Fluctuations in the market began on March 6, when participants of the OPEC+ meeting could not come to a single solution. Russia did not support a proposal to further reduce oil production by 1.5 mn bpd in the second quarter of 2020. After the failure of the deal, oil prices fell by 30%.