Russia to extend voluntary cuts in oil production until the end of 2024 – Kommersant
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Russia will extend its voluntary reduction in oil production by 500,000 barrels per day until the end of December 2024, it will be counted from the quota for 2024, Russian Deputy Prime Minister Alexander Novak said following the OPEC+ talks in Vienna.
“Russia will extend its voluntary cut of 500,000 b/d until the end of December 2024 as a precautionary measure in agreement with the countries participating in the OPEC+ agreement, which previously announced voluntary cuts in April,” the official stressed (quoted from TASS).
The deputy chairman of the Russian government stressed that this decision was made in the course of a dialogue with all members of the OPEC + alliance, there were no disputes or serious disagreements between the Russian Federation and Saudi Arabia and other participants in the agreement.
On June 4, OPEC officially reportedthat OPEC+ has agreed to adjust overall oil production to 40.46 million barrels per day (bpd) from 2024. It is specified that the 36th ministerial meeting of OPEC + is scheduled for November 26, 2023 in Vienna, it is possible that the terms of the current agreement and other agreements of the participants in the informal alliance will be adjusted there.
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