Russia missed OPEC+ oil output cut target in March

Russian oil production in March stood at 11.298 million barrels per day (bpd), according to energy ministry data in tons, calculated in million bpd by Reuters, missing the pledged output cut target of 11.191 million bpd.

As part of the OPEC+ production cuts between January and June, the nation agreed to reduce production by 230,000 bpd from October’s post-Soviet record high of 11.421 million bpd.