Russian Federation Deputy Prime Minister Aleksandr Novak announced that the voluntary cut in oil production in Russia has been extended until the end of 2024. This decision was taken following the results of the OPEC+ ministerial meeting on June 4. TASS.
Novak emphasized that Russia will continue to produce 500,000 barrels per day less than the quota level. He noted that the discount level will be calculated over the quota determined for 2024. At the meeting, it was decided that Russia would reduce production to 9.928 million barrels per day.
According to Novak, the drop in oil production is a precautionary measure in the agreement with the countries participating in the OPEC+ agreement. Deputy Prime Minister reminded that Russia is already producing 500 thousand barrels less per day.
As part of the agreement, OPEC+ countries are reducing oil production by 2 million barrels per day by the end of 2023. Russia, UAE, Saudi Arabia, Iraq, Kuwait and other countries decided to voluntarily cut oil production in April. With data OPEC cut 300,000 barrels a day in March.