This additional voluntary reduction aims to reinforce the measures taken by the OPEC+ countries to maintain stability and balance in the oil markets.
In the second quarter of this year, Russia will reduce oil production and export by 471 thousand barrels per day. This was announced by the Deputy Prime Minister of the Russian Federation Alexander Novak.
“Russia will carry out further voluntary reductions in oil production and exports of a total of 471 thousand barrels per day in the second quarter of 2024 in coordination with several OPEC + countries,” he said and added that Russian oil production Federation is now. about 9. 5 million bps.
At the same time, in April the reduction of production will be 350 thousand barrels per day, and export – 121 thousand barrels per day. In May, the decrease in production will be 400 thousand b/d, exports – 71 thousand b/d, in June – 471 thousand b/d.
In the future, Russia plans to gradually restore additional production volumes and export cuts within OPEC+, depending on market conditions.
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“This voluntary production cut is in addition to the voluntary 500 thousand barrels per day reduction previously announced by Russia in April 2023, which will last until the end of December 2024. The export reduction will be based on the average level of export for May and June 2023 “added Novak.
According to him, this additional voluntary reduction aims to strengthen the measures taken by OPEC+ countries to maintain stability and balance in the oil markets.
Western media also reported that Algeria and Kuwait announced continued cuts in oil production. Algeria will continue to voluntarily reduce production by 51 thousand b/d in the second quarter of 2024, and Kuwait by 135 thousand b/d.
Let’s remember that on June 4, 2023, OPEC+ countries agreed to reduce oil production until the end of 2024. At the same time, from the beginning of the production reduction from next year from the level of quota agreed in October 2022, it could reach 1.393 million bpd.
The White House then called the OPEC+ countries’ decision “stupid” because of market uncertainty.
Source: korrespondent
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