Russia in second quarter of year will reduce oil production and export

Russia will reduce the production and export of oil in the second quarter by an average of three months by 471 thousand barrels per day as part of the voluntary obligations of OPEC+.

This was stated by Deputy Prime Minister of the Russian government Alexander Novak.

“Russia will carry out an additional voluntary reduction in oil production and exports to 471 thousand barrels per day in the second quarter of 2024 in coordination with some OPEC participants,” the Novak statement said.

According to this information, in April, the reduction in production will be 350 thousand barrels per day, and export – 121 thousand barrels per day.

In May, a decrease in production will be 400 thousand barrels per day, export – 71 thousand barrels per day. In June, it is planned to extract at the level of 471 thousand barrels per day.

In the first quarter of 2024, this volume was 500 thousand barrels per day.

According to Deputy Prime Minister, this additional voluntary reduction is aimed at strengthening the precaution taken by OPEC+ countries in order to maintain stability and balance of oil markets.