MOSCOW, March 3 Russia will further reduce oil production and exports by a total of 471 thousand barrels per day in the second quarter in coordination with some participating countries OPEC+, said Russian Deputy Prime Minister Alexander Novak.
“Russia will implement an additional voluntary reduction in oil production and exports by a total of 471 thousand barrels per day in the second quarter of 2024 in coordination with some OPEC+ member countries,” – Novak said in a statement about the situation on the oil market.
This voluntary production cut is in addition to the voluntary reduction of 500 thousand barrels per day previously announced by Russia in April 2023, which will last until the end of December 2024. The export reduction will be based on average export levels for May and June 2023, the statement also said.
It is noted that Russia will continue to work with secondary sources to improve the accuracy and reliability of their estimates.
““This additional voluntary reduction is aimed at strengthening the precautionary measures taken by OPEC+ countries to maintain the stability and balance of oil markets,” the statement said.