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.