"Russia's Oil Output Cuts Drive Up Prices Amid Geopolitical Tensions"

Russia's government has instructed companies to reduce oil output in the second quarter to meet a production target of 9 million barrels per day by the end of June, in line with its commitments to OPEC+. This move follows Deputy Prime Minister Alexander Novak's announcement of additional oil output and export cuts. The government has provided specific targets to each company to support its pledge to cut output and stabilize international oil prices. The production cuts are expected to coincide with seasonal refinery maintenance and a decline in fuel production due to outages and Ukrainian drone attacks.