Russia announced the extension of reducing its oil production by 500,000 barrels per day until the end of next June, more than a month after it took this decision in response to international sanctions targeting its oil.
"In line with the current market situation, the decision to voluntarily reduce production by 500,000 barrels per day will be valid until June 2023 inclusive," Russian news agencies quoted Deputy Prime Minister in charge of Energy Affairs Alexander Novak as telling reporters.
He said Russia was "close to reaching the target reduction level" announced on February 10. "It will be reached in the coming days," he added.
China has bought a lot of Russian oil, since the beginning of the Ukraine crisis, despite a series of international sanctions targeting Russian oil, which included a ban and a ceiling on selling prices for crude and refined products.
Beijing has benefited from the discounts announced by Russia in achieving more gains for its economy, which consumes a lot of energy.
The announced reduction is about 500,000 barrels per day.
Follow the latest news on Google News
