Russia's Oil Production Cuts Lead to Ruble's Year-Low Value
TL;DR
Russia reduced its crude oil production by 700,000 barrels a day in March, more than the 500,000 barrels a day it had pledged to cut. However, doubts have been raised over the actual amount of oil produced as it doesn't align with the country's seaborne exports and domestic refinery supplies. The output cuts have been extended to the end of the year, and combined with OPEC+'s pledge to cut oil output by 1.1 million barrels a day, oil markets rallied, indicating the potential for crude prices to return to $100 a barrel this year.
- Russia says it slashed oil production by 700,000 barrels a day in March, far more than originally planned Markets Insider
- Russian rouble falls to lowest value for a year BBC
- Russia Says It Cut Oil Output by 700000 Barrels a Day in March Bloomberg
- Russian Currency Continues To Tumble Radio Free Europe / Radio Liberty
- Ruble down to pre-conflict value against dollar Fox News
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