OPEC+ countries to make further oil production cuts

Russia, Saudi Arabia, Kuwait and Algeria have announced further cuts in oil production cuts. All are members of the OPEC+ group of petroleum producing states.

Russian Deputy Prime Minister Alexander Novak said on Sunday that Russia will reduce its oil production by 471,000 barrels per day by the end of the second quarter of 2024.

“This additional voluntary reduction is aimed at strengthening the precautionary measures taken by OPEC+ countries to maintain stability and balance in the oil markets,” Novak was quoted as saying by the Moscow Times.

The official in charge of energy affairs explained that Russia will reduce its production voluntarily by 350,000 barrels per day in April, 400,000 bpd in May and 471,000 bpd in June as part of an agreement to cut production with other countries within the OPEC+ alliance.

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