Russia reports drop in oil output since January

Russian Deputy Prime Minister Alexander Novak stated that Russia's oil production has decreased since the beginning of the year due to unscheduled maintenance at oil refineries. Moscow continues to maximize its export capacity to compensate for the decline in refinery output. He explained that the decrease is temporary and related to operational circumstances, indicating that returning refineries to full operation will restore production to previous levels. The International Energy Agency reports that Russia's production declined by 460,000 barrels per day in April compared to the same period last year, reaching approximately 8.8 million barrels per day.

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