Deputy Prime Minister of the Russian government Alexander Novak said that the country will reduce oil production and exports by 471 thousand barrels per day. This was reported by TASS.
“Russia, in coordination with some OPEC + countries, will implement additional voluntary cuts in oil production and exports in the second quarter of 2024, totaling 471 thousand barrels per day,” Novak said.
It was noted that Russia will produce approximately 350 thousand barrels per day and export 121 thousand barrels per day in April.
This is before Novak statedWorld oil demand is predicted to increase at least in the next 15 years. The Deputy Prime Minister has publicly opposed the thesis that oil has become obsolete as a resource and said, based on expert forecasts, that the global increase in demand for “black gold” will continue for quite a long time.
On February 13, the Organization of the Petroleum Exporting Countries (OPEC) maintained its global oil demand growth forecast for 2024 and 2025 at 2.2 million barrels per day and 1.8 million barrels per day, respectively. The organization states that this year demand will be supported by air travel, the growing automotive industry and activities in industry, construction and agriculture, especially in countries outside the OECD.
Previously European Commission reduced estimate Brent oil prices 2024.