MOSCOW, April 14. /TASS/. OPEC+ countries reduced crude production by 470,000 barrels per day in March, with output being 2.16 mln barrels per day behind the schedule set by the alliance, the International Energy Agency (IEA) reported on Friday.

Oil production by OPEC+ countries went down by 470,000 barrels per day compared with February to 37.94 mln barrels per day. Meanwhile, the targeted output level for March equaled 40.1 mln barrels per day, which means production was around 2.16 mln barrels per day behind the schedule.

Russia reduced crude production (excluding gas condensate) by 270,000 barrels per day to 9.58 mln barrels per day in March, with output 900,000 barrels per day below the plan, according to the agency. That said, Moscow announced a reduction in output by 500,000 barrels per day from the February average starting March. Meanwhile, Saudi Arabia maintained production at 10.43 mln barrels per day, 50,000 barrels per day behind the OPEC+ agreements.

In October 2022, OPEC+ member states agreed on a reduction in output by 2 mln barrels per day starting November, as well as extended the transaction until the end of 2023. On April 2, a number of OPEC+ nations announced a voluntary output reduction from May to the end of 2023. The decisions were confirmed following the meeting of the OPEC+ ministerial monitoring committee held on April 3. The total volume of voluntary reduction will amount to 1.66 mln barrels per day and will become an addition to agreements enforced in November 2022 on reduction in output by 2 mln barrels per day within the framework of the OPEC+ deal.

The next OPEC+ meeting is scheduled for June 4, 2023.