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Russia to cut oil production by 471,000 per day in Q2 2024 — deputy PM

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

MOSCOW, March 3. /TASS/. 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 in a statement.

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 says.

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.

"Afterwards, in order to support market stability, these additional cut volumes will be returned gradually subject to market conditions," he said. "This voluntary production cut is in addition to the voluntary cut of 500,000 barrels per day previously announced by Russia in April 2023, which extends until the end of December 2024. The export cut will be made from the average export levels of the months of May and June of 2023."

Other countries

Algeria and Kuwait also announced voluntary production cuts by 51,000 barrels a day and 135,000 barrels a day, respectively, inn the second quarter of 2024, Reuters reported.

On November 30, 2023, several OPEC+ countries made a decision to voluntarily cut oil production by an additional 2.2 mln barrels daily in the first quarter of 2024.

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