Russia to Increase Voluntary Cut in Oil Production and Export

Alexander Novak, Deputy Prime Minister of Russia, has announced that the country will increase its voluntary cut in oil production and export by 471,000 barrels per day in the second quarter of this year.

In a written statement, Novak provided an evaluation of Russia’s oil production and export decisions. He stated, “Russia will implement an additional voluntary cut of 471,000 barrels per day in oil production and export in the second quarter of 2024.”

Novak highlighted that the decision for this reduction was made in consultation with the countries within the Organization of the Petroleum Exporting Countries (OPEC) and the OPEC+ group, which includes some non-OPEC producer nations.

It is worth noting that Russia had already reduced its daily oil export by 500,000 barrels last year, with the commitment to continue this reduction until the end of 2024. This latest move reaffirms Russia’s commitment to collaborating with global oil-producing nations in addressing challenges within the energy market, contributing to efforts aimed at achieving stability amid ongoing uncertainties.

source: prepared by Melisa Beğiç

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