Russia decided to reduce oil production by 0.5 million barrels per day without consultations with participants in the OPEC+global transaction, a government source told Reuters.
“This is an independent decision made in accordance with market principles and rejection of illegal actions of the collective action countries,” said the source.
Five sources in the OPEC+ alliance confirmed this information.
Earlier on Friday, Deputy Prime Minister Alexander Novak said that Russia will voluntarily reduce the production of raw oil by 500,000 barrels per day, which will contribute to the restoration of market relations in the conditions of price restrictions.
After the statement of the Russian Deputy Prime Minister on the reduction of production, the cost of oil increased sharply. So, Brent oil is traded at $ 86 per barrel.