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Russia will cut its crude oil production in the second quarter of 2024

Russia has decided to reduce its crude oil production rather than exports in the second quarter of 2024 to comply with other OPEC+ member countries. Crude oil exports cuts will be progressively eased: Russia plans to reduce its production by an extra 350 kb/d in April 2024, and its exports by 121 kb/d in April 2024. In May 2024, production will be cut by 400 kb/d and exports by 71 kb/d. In June 2024, production will be cut by 471 kb/d, without any export cut. Russian oil producers will reduce their production based on their share in the country's total production.

In April 2023, Russia announced a voluntary cut of 500 kb/d, which extends until the end of December 2024. In addition, earlier in March 2024, Russia announced that it would cut its oil production and exports by an additional 471 kb/d in the second quarter of 2024, in coordination with seven OPEC+ countries that had extended their voluntary cuts of 2.2 mb/d aimed at supporting the stability and balance of oil markets for the second quarter of 2024.