Russia will implement an additional voluntary reduction in oil production and exports by a total of 471 thousand barrels per day in the second quarter of 2024 in coordination with some OPEC+ member countries.
The reduction will affect crude oil production and exports as follows:
— In April, the production reduction will be 350 thousand barrels per day, and exports – 121 thousand barrels per day.
— In May, the production reduction will be 400 thousand barrels per day, and exports – 71 thousand barrels per day.
— In June, the production reduction will be 471 thousand barrels per day.
Subsequently, in order to maintain market stability, these additional reductions will be gradually reinstated depending on market conditions.