Russia to Implement Summer Oil Production Cuts

Russia will implement additional crude oil production cuts during the warmer seasons to compensate for exceeding its OPEC+ quota in months past, according to sources familiar with the matter who spoke to Bloomberg. These cuts are planned for summer and early fall due to technological considerations, as Russia requires more oil for domestic use during the colder months. As the largest crude producer within the OPEC+ alliance, Russia has struggled to adhere to the group's production agreements to stabilize global oil prices. In a recent commitment,…