Russia suddenly cuts oil production

On May 06, 2019, foreign media said that two industry sources said on May 3 that Russian oil producers have received a serious disruption in exports due to organic chloride pollution. Russian oil producers have received oil pipeline giants Russian oil pipeline transportation company ( Transneft's notice requires a reduction of 900,000 tons by May 7.

According to Reuters reported on May 3, this figure will be equivalent to about 10% of total Russian oil production, equivalent to a reduction of more than 1 million barrels per day in the next few days.

The report said that Russian Energy Minister Alexander Novak said on May 2 that Russia's oil production in May will continue to implement the global production reduction agreement.

According to data released by the Russian Ministry of Energy on May 2, Russian oil output fell from 11.3 million barrels per day in March to 11.23 million barrels per day in April, but still higher than the agreement target of major oil producers.

Prior agreements between the Organization of Petroleum Exporting Countries (OPEC) and large oil-producing countries such as Russia have resulted in a total reduction of 1.2 million barrels per day since January, for a period of six months, in order to restore the market balance.

A number of Russian officials, including the chief investor of the Russian Direct Investment Fund, Kirill Dmitriev, hinted that Russia intends to increase production due to improved market conditions.