MOSCOW, May 14. /TASS/. Countries participating in the OPEC+ agreement in April reduced oil production by 246,000 barrels per day (bpd), the largest volume of production reduction occurred in Russia, according to the data presented in the May OPEC report.

Without Libya, Iran and Venezuela, which are exempt from production restrictions, the alliance countries' production volume amounted to 35.82 million bpd. Taking into account all the voluntary restrictions provided for in April, OPEC+ countries were supposed to produce 36.705 million bpd. That means that lagging behind the plan for the OPEC+ deal in April was 855,000 bpd.

In April, the largest volume of production reduction occurred in Russia (by 154,000 bpd to 9.292 million bpd).

Kazakhstan reduced oil production by 50,000 bpd, to 1.56 million bpd, and Iraq cut production by 32,000 bpd, to 4.181 million bpd. These two countries must compensate for the overproduction of oil recorded in the first quarter by the end of the year.

From the first quarter of 2024, several alliance countries, including Russia and Saudi Arabia, are voluntarily reducing oil production by a total of 2.2 million barrels per day to balance the market. Initially, the measure was supposed to be valid only during the first quarter, but in early March the alliance countries extended its effect into the second quarter.

In addition, a number of OPEC+ countries, also including Russia and Saudi Arabia, are voluntarily reducing oil production by a total of 1.66 mln bpd from the spring of 2023 to the end of 2024.