In the second quarter of 2024, Russia will further reduce oil production and exports by 471 thousand barrels per day in coordination with some OPEC+ member countries. The corresponding statement by Deputy Prime Minister Alexander Novak was published on the website of the Cabinet of Ministers.
In April, the reduction in production will amount to 350 thousand barrels per day, exports – 121 thousand barrels per day. In May, production will decrease by 400 thousand barrels per day, exports – by 71 thousand barrels per day. In June, the reduction in production will amount to 471 thousand barrels per day.
This reduction in production is in addition to the reduction of 500 thousand barrels per day previously announced by Russia in April 2023, which will last until the end of December 2024. The reduction in exports will be based on the average export levels for May and June 2023.
