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Oil output reduction quotas for Q2 to be distributed between companies proportionally

Russia will reduce production and export of oil in the second quarter by 471,000 barrels per day on a three-month average within voluntary OPEC+ commitments

MOSCOW, March 29. /TASS/. Russia’s quotas on oil output reduction for the second quarter within OPEC+ agreements will be distributed between companies in proportion to output, Deputy Prime Minister Alexander Novak told reporters.

"Proportionally," he said.

Novak referred to reduction of Russia’s output and exports in Q2 as policies to ensure an equal contribution of all countries to production cut. That said, OPEC+ participants monitor the situation on the market, being ready to adjust voluntary cuts if necessary, he noted.

Russia will reduce production and export of oil in the second quarter by 471,000 barrels per day on a three-month average within voluntary OPEC+ commitments.

Meanwhile output reduction in April will total 350,000 barrels per day, while exports will amount to 121,000 barrels per day.

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