Sergey Kondratiev, Deputy Head of the Economic Department of the Institute for Energy and Finance, commented to Kommersant FM on a possible reduction in oil production in Russia in March 2023:
"Now we are talking more about the fact that this is a forced measure. March will not be the easiest month in terms of restructuring export flows, at the same time we will have to find new markets for Russian petroleum products. And 0.5 mbd is a relatively conservative estimate. It shows that things are fairly smooth in the industry, the situation is controlled.
I would also pay attention to the fact that, after all, the words of Alexander Novak leave room for maneuver, interpretations. And it is not entirely clear about what level the reduction by 0.5 mbd is calculated — from the entire production or from the established quota, which we are not actually using now either."
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