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Russia to cut daily oil production in 2024 to 9.328 million barrels

The country's quota following the OPEC+ meeting was set at 9.828 million b/d

VIENNA, June 4. /TASS/. Russia will cut its oil production to 9.328 million barrels a day in 2024, a spokesman for Russian Deputy Prime Minister Alexander Novak told TASS on Sunday.

According to a decision passed at the OPEC+ Sunday’s meeting, Russia’s quota was set at 9.828 barrels a day.

Novak’s spokesman confirmed that this figure does not include Russia’s voluntary production cuts, so the actual daily output in 2024 will be 9.328 million barrels.

Russia’s quota in the OPEC+ deal was 10.478 million barrels a day in October 2022. In March 2023, Russia announced gradual daily output cuts by 500,000 barrels from the February 2023 level. In April, Novak said that the country had reached the declared level of production cuts.

According to OPEC, Russia’s oil production in February was 9.828 million barrels a day. However, Russia’s baseline, from which cuts are calculated, will be revised in June after the data is updated.

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