According to the speech of Pavel Sorokin, Russia's Deputy Minister of Energy, his country will reduce its production in oil in March despite not intending to sell oil at any price to keep the trade volume high.
According to Russian Deputy Prime Minister Alexander Novak in February, in order to improve market relations, Russia will voluntarily reduce its oil production by 500,000 barrels per day from March on. He added: Future decisions will be made depending on the market situation.
Sorokin stated at the Valdai Debate Club's Middle East Conference: Understanding the concepts behind these reductions in oil to keep the sales volume constant is vital.
