Russia cuts oil output amid refinery issues

Russia will temporarily reduce oil production this year due to refinery outages and maintenance, with expectations that production will fall to its lowest level in 17 years. The Russian Deputy Prime Minister announced that the decline is caused by refineries operating less efficiently during maintenance periods, and that production will increase again once the work is completed and operations stabilize. Additionally, forecasts indicate that OPEC+ alliance countries will continue to significantly influence the global market due to their extensive output, while limited challenges are expected to persist due to decreased supplies from the Strait of Hormuz.

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