The reduction of Russian production will be about ten percent of the average daily production in Russia.
Russia is ready to reduce oil production by one million barrels per day, provided that the United States will join the deal, according to Bloomberg on April 4, citing sources.
According to them, a broader coalition of oil producers may require more reduction of oil production, and in this case Russia may consider reduction of up to 1.5 million barrels a day, although the Kremlin would not like that scenario.
Therefore, the reduction of Russian production will be about ten percent of the average daily production in the country, which in March reached 11,294 million barrels.
Earlier the President of Russia Vladimir Putin has declared readiness to reduce oil production, but only together with the other major producers, including Saudi Arabia and the United States.
According to him, the extent of the required reduction is ten million barrels per day is ten percent of the world production and almost 20 per cent of the total production in the OPEC countries+ and the USA.