Deputy Prime Minister of Russia: Russia will reduce oil production in the second quarter to catch up with other OPEC+countries
2024-03-29 11:17:34
On March 29th, Russian Deputy Prime Minister Novak stated that Russia has decided to focus on reducing oil production rather than exports in the second quarter, in order to evenly distribute production reduction quotas with other OPEC+member countries. Novak also said that Russian oil companies will reduce production in proportion to their share of the country's total oil production. Russia plans to gradually relax its export cuts: in April, it will further reduce production by 350000 barrels per day and export volume by 121000 barrels per day. In May, the additional production reduction will reach 400000 barrels per day, and the export volume will decrease by 71000 barrels per day. In June, all additional production cuts will come from oil production.
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