Russia requires oil companies to cut production by 20% in February

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      Two industry sources told Reuters on Monday that Russia's energy ministry has asked domestic oil producers to cut production by about 20% from their average daily production in February, so that the Russian government can live up to its commitments in a global agreement.
The organization of Petroleum Exporting Countries (OPEC) and other oil producing countries led by Russia agreed to cut production by 9.7 million barrels per day in May June to cope with the oversupply caused by the coronavirus crisis.
In addition, non OPEC + countries such as the United States and Norway also cut production. The total global oil production will be reduced by 20 million barrels / day, equivalent to one fifth of the global oil production.
Under the agreement, Moscow would have to cut production by 2.5 million barrels per day from May, based on 11 million barrels per day, which includes only crude oil and does not include a light oil and gas condensate.
Russia's condensate production is 600000-700000 barrels / day, but the country does not give a specific breakdown of oil and gas condensate production. The country's crude and condensate production in February totaled 11.29 million barrels per day.


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