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Russia's Oil Production Cut Verified Independently

© Sputnik / Maksim Bogodvid / Go to the mediabankAn oil pump jack operated by the Yamashneft Oil and Gas Production Division of Tatneft, are seen in Almetyevsk District of Russia's Republic of Tatarstan.
An oil pump jack operated by the Yamashneft Oil and Gas Production Division of Tatneft, are seen in Almetyevsk District of Russia's Republic of Tatarstan. - Sputnik International, 1920, 05.07.2023
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VIENNA (Sputnik) - Russia’s oil production cuts have been verified by seven independent sources, Saudi Energy Minister Prince Abdulaziz Salman said at the OPEC international seminar in Vienna on Wednesday.
"I think it is quite telling to see us on Monday coming out with not only our own extension of a [oil production cut of] million [barrels per day], but also with validation from the Russian side that they will do [a cut of] five hundred [500,000 barrels per day] from exports ... We worked hard with the seven independent sources verifying Russia's number. And they have committed to this exercise and they are going to be doing it on a monthly basis," Salman said.
A tanker seen anchored at the new oil export terminal in the far eastern port of Kozmino - Sputnik International, 1920, 08.06.2023
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The reduction of oil exports by Russia by 500,000 barrels per day was not imposed on it, it was voluntary, the minister said, adding that Russia's compliance will be verified monthly.
"We will continue the effort of surprising markets," Salman said.
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