Russia reduce oil production and export to world markets by 471 thousand barrels per day in total during the second quarter of 2024 in coordination with some of the OPEC members, the RF Government press office report quoting RF Vice Premier Alexandr Novak.
In April, production will be cut by 350 thousand barrels per day, and export by 121 barrel per day.
In May, production will be reduced by 400 barrels per day and export by 71 thousand barrel per day.
In June, production will be cut by 471 barrel per day.
Later, the additional volumes reduced will be restored gradually depending on the market conditions in order to support market stability.
“The additional voluntary reduction of oil supplies for export is aimed at strengthening the precautionary measures taken by OPEC+ countries in order to maintain stability and balance of oil markets”, the statement goes.