Russia’s oil production quota under the OPEC+ agreements will be reduced by 650,000 barrels per day.
Russia’s oil production quota under the OPEC+ format agreements in 2024 will decrease by 650,000 barrels per day. This follows the decisions made at the meeting of representatives of OPEC + countries in Vienna on June 4, the Russian service reports. Radio Liberty.
At the same time, Russian Deputy Prime Minister Alexander Novak mentioned that the Russian Federation is not abandoning its voluntary obligation to produce 500,000 barrels of oil per day below the quota.
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For 2023, Russia’s quota is 10.478 million barrels per day, in 2024 it will be reduced to 9.828 million (and, taking into account the voluntary reduction, to 9.328 million).
At the same time, the quota of Saudi Arabia, the largest OPEC country, for 2024 remained unchanged – 10.478 million barrels per day.
Overall, OPEC+ countries have agreed to cut oil production by about 1.5 million barrels per day next year, excluding voluntary cut commitments made by individual countries.
The aim of the reductions is to prevent the drop in the price of oil in the international market. Saudi Arabia will reduce its production level by 1 million barrels per day to achieve higher prices.
It will be recalled that in March Russia decided to extend the voluntary reduction in oil production by 500,000 barrels per day for another three months, until June inclusive.
It was previously reported that Russia is being forced to sell oil at huge discounts, exceeding $30 per barrel.
Source: korrespondent
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