Russia plans to further cut production to balance OPEC + quotas

On July 17, according to people familiar with the matter, Russia plans to further cut crude oil production to make up for the production exceeding the OPEC + quota in the warm season this year and next year. The additional production cuts from Moscow are most likely to be implemented in the summer and early autumn due to technical reasons, the people said. Since starting cooperation with OPEC, Russia has said that it cannot significantly reduce production in the late autumn and winter due to the geological and climatic conditions of its fields. The additional restrictions are expected to be implemented in the West Siberian fields, where production can be regulated, the people said.