Russia to cut oil production by nearly 0.5 mln bpd

Russia plans to cut its oil production and export by an average of 471,000 barrels a day in the second quarter of 2024 as part of its voluntary commitments under the OPEC+ deal, Russian Deputy Prime Minister Alexander Novak said.

Production cuts in the first quarter of 2024 was 500,000 barrels a day.

"Russia will implement an additional voluntary cut of 471,000 barrels per day, for the second quarter of 2024, in coordination with some OPEC+ participating countries," the statement reads.

Thus, according to the document, in April, Russia will cup oil production by 350,000 barrels a day and oil export - by 121,000 a day. Daily production cuts in May will be 400,000 barrels and 471,000 barrels in June. Daily export cuts will be 71,000 barrels in June.

Later on, according to Novak, Russia plans to gradually restore additional oil production cut volumes within the OPEC+ depending on the market conditions.