Russia to extend oil production cuts until end of June

MOSCOW: Russia announced on Tuesday that it was extending oil production cuts of 500,000 barrels per day until the end of June, a response to Western anctions that was due to expire at the end of March.

“In accordance with the current market situation, the decision to voluntarily reduce production by 500,000 barrels per day will be applicable until June 2023 inclusive,” deputy prime minister in charge of energy issues Alexander Novak was cited as saying by Russian news agencies.