Russia will implement an additional voluntary cut of 471 thousand barrels per day, for the second quarter of 2024, in coordination with some OPEC+ participating countries.
The cut will be from crude oil production and exports as follows:
• In April 350 thousand barrels per day from production and 121 thousand barrels per day from exports.
• In May 400 thousand barrels per day from production and 71 thousand barrels per day from exports.
• In June 471 thousand barrels per day totally from production.
Afterwards, in order to support market stability, these additional cut volumes will be returned gradually subject to market conditions.
This voluntary production cut is in addition to the voluntary cut of 500 thousand barrels per day previously announced by the Russia in April 2023, which extends until the end of December 2024. The export cut will be made from the average export levels of the months of May and June of 2023.
Russia will continue to work with the secondary sources in order to facilitate the accuracy and reliability of their assessment.
This additional voluntary cut comes to reinforce the precautionary efforts made by OPEC Plus countries with the aim of supporting the stability and balance of oil markets.
