RUSSIA WILL REDUCE OIL PRODUCTION BY 471 TBD

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.

Click here and see more