Russia's Oil Production Cuts Lead to Ruble's Year-Low Value

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.