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Gazprom Neft, the third-largest oil producer in Russia, has announced on Monday that it lowered its oil output by 19% as part of the OPEC+ agreement.

Gazprom Neft noted that output cuts mainly affected depleted oil fields and explained that choosing to implement cuts at wells where output can be swiftly returned to normal. Finally, the company added that it was not asked by Iraq to cut the production there.

Market reaction

Oil prices recovered modestly following this headline. As of writing, the barrel of West Texas Intermediate (WTI), which slumped to a two-week low of $34.34, was last seen losing 3.3% on the day at $35.30.