The OPEC+ alliance has agreed to reduce total oil production to 40.46 million barrels per day from 2024. At the same time, Russia needs to reduce its production level to 9.928 million barrels per day. It has been reported TASS With reference to OPEC.
This decision was taken after the results of the OPEC+ ministerial meeting held in Vienna on 4 June. The next meeting is scheduled for November 26.
As the Deputy Prime Minister of the Russian Federation Alexander Novak has made clear, Russia will extend the cut in oil production by another 500,000 barrels per day until the end of December 2024. According to him, the corresponding reduction in production is calculated according to a certain quota.
Reuters reported a possible reduction in quotas on June 3, citing sources. The agency wrote that the decrease in production could be 1 million barrels per day.
Citing sources, The Wall Street Journal writes that Saudi Arabia is trying to negotiate with African countries to reduce oil production quotas on June 3.
As part of the agreement, OPEC+ countries are reducing oil production by 2 million barrels per day by the end of 2023. In April, a number of alliance member countries, including Saudi Arabia, announced that they would voluntarily cut an additional 1.16 million barrels per day in excess of quotas from May. Russia has been reducing oil production by 500,000 barrels a day since March.