Russia Says Oil Output Cuts Almost Hit Pledged Goal in April
- Drop in crude production exceeded 400,000 b/d last month
- Russia vowed to reduce output by 500,000 b/d in March
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Russia’s Energy Ministry said that the nation’s oil-output cuts almost reached the targeted level in April, according to people familiar with the figures.
The Kremlin pledged to cut crude production by 500,000 barrels a day in March and maintain it through to December in retaliation for Western restrictions, which include a price cap imposed by the Group of Seven industrialized nations. Yet so far, crude flows from ports have shown little evidence of the output cuts.