The cut in daily Russian oil production is expected to be implemented by the end of the second quarter of 2024
THE Russia announced today that it will voluntarily cut its oil production by 471,000 barrels per day at the end of the second quarter of this year, a decision it made “in coordination” with other OPEC countries to support global prices.
Russia will implement an “additional” voluntary production cut of 350,000 barrels per day in April, 400,000 in May and 471,000 in June, Deputy Prime Minister for Energy Alexander Novak announced.
As far as exports are concerned, the reduction will be “121,000 barrels per day” in April and “71,000” in Mayaccording to the Russian leader.
The deputy head of the Russian government clarified that this new voluntary production cut is “in addition” to the 500,000 barrels per day already announced by Russia in April 2023 and valid until the end of 2024.
“He is coming to strengthen the prevention efforts being developed by his countries OPEC+ aimed at supporting the stability and balance of oil markets,” Novak said in a statement issued by the Russian government.
Russia, a pillar of the alliance of oil-exporting countries, has been pursuing a policy in recent months aimed at halting the fall in prices.
That’s because despite the fact that the financial windfall from the sale of hydrocarbons is less important to the federal budget than it was before the conflict in Ukraine, oil revenue remains important to Moscow as its economy shifts toward the war effort to support the military attack on its neighbor.
Kiev’s Western allies have been imposing heavy sanctions on the Russian energy sector for two years, forcing Moscow to massively reorient its exports to Asia, especially China and India.
Source: Skai
I am Janice Wiggins, and I am an author at News Bulletin 247, and I mostly cover economy news. I have a lot of experience in this field, and I know how to get the information that people need. I am a very reliable source, and I always make sure that my readers can trust me.