Russia’s government has ordered companies to reduce oil output in the second quarter to ensure they meet a production target of 9 million barrels per day (bpd) by the end of June

Deputy Prime Minister Alexander Novak said that Russia is not considering banning diesel exports and emphasized that the measure of not selling gasoline abroad could be lifted at any time if the market becomes saturated

Russia will increase its pipeline gas exports by 11% and liquefied natural gas (LNG) exports by 14% due to the commissioning of new LNG production plants and an increase in volumes supplied to Asia, primarily to China, predicted Russian Deputy Prime Minister Alexander Novak

Russia’s energy ministry said it expects the country’s exports of crude oil and petroleum products to fall in November by more than 300,000 barrels per day (bpd), compared to the average level in May-June

Russian Deputy Prime Minister Alexander Novak said in an interview that there were no plans to create an international natural gas cartel similar to the Organization of the Petroleum Exporting Countries

Russia has temporarily banned exports of gasoline and diesel to all countries outside a circle of four ex-Soviet states with immediate effect in order to stabilise the domestic market, the government said

The OPEC and allies led by Russia, a group known as OPEC+, agreed to stick to a policy from July of phasing out record output cuts by adding 400,000 barrels per day (bpd) a month to the market

Russian oil production has declined so far in June from average levels in May despite a price rally in oil market and OPEC+ output cuts easing

The global oil deficit is now seen at about 1 million barrels per day, Russia’s deputy prime minister Alexander Novak said, days before the OPEC+ top negotiators are to meet

Russian Deputy Prime Minister Alexander Novak said in an interview published on Monday that the oil prices of $62-$66 per barrel reflect the current market