We acknowledge the significance of your online privacy and acknowledge that granting us permission to collect some personal information requires a great deal of trust. We seek this consent as it enables Distinct Post to offer a platform that amplifies the voices of the marginalized. By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Distinct PostDistinct Post
Aa
  • Home
  • Israel-Gaza Conflict
  • World
  • Entertainment
  • Style
  • Health
  • Sports
  • Business
  • Royals
Reading: Russia to cut oil production by 471,000 bpd in second quarter of 2024
Share
Aa
Distinct PostDistinct Post
  • Home
  • Israel-Gaza Conflict
  • World
  • Entertainment
  • Style
  • Health
  • Sports
  • Business
  • Royals
Search
  • Home
  • Israel-Gaza Conflict
  • World
  • Entertainment
  • Style
  • Health
  • Sports
  • Business
  • Royals
Follow US
Distinct Post > World > Europe > Russia to cut oil production by 471,000 bpd in second quarter of 2024
russia-to-cut-oil-production-by-471000-bpd-in-second-quarter-of-2024
Europe

Russia to cut oil production by 471,000 bpd in second quarter of 2024

Henry Ortiz Published March 4, 2024
SHARE

Russia will cut oil production by almost half a million barrels per day in the second quarter of 2024, the government said Sunday, as part of a move to boost prices.

The plan agreed with Russia’s energy allies in the OPEC+ group, comes on top of previous cuts to both oil output and exports as some of the world’s largest energy producers drive to push up market rates amid economic uncertainty.

Russia’s Deputy Prime Minister Alexander Novak said Sunday that Moscow will reduce its output by 350,000 barrels a day (bpd) in April, by 400,000 bpd in May, and then 471,000 bpd in June.

“In order to maintain market stability, these additional cuts will be gradually restored depending on market conditions,” after the end of the second quarter, Novak said in a statement published by the Russian government.

Russia’s state finances rely on income from lucrative oil and gas revenues.

The West has tried to target Moscow’s energy exports under sanctions imposed over the Kremlin’s offensive in Ukraine, forcing Russia to ramp up supplies to countries like China and India.

Europe was for decades Russia’s main energy client.

Russia had already agreed to cut production by 500,000 bpd last year in a plan that runs until the end of 2024.

Russia on Sunday also agreed to further trim its export volumes — by 121,000 bpd in April and 71,000 bpd in May, compared to its average sales in the same months last year.

“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 said.

You Might Also Like

Volodymyr Zelenskyy says grateful for Donald Trump’s ‘strong resolve’ to end war in Ukraine

Ukrainian flag appears on big screen during Vladimir Putin visit to Kazakhstan’s Astana

DHL cargo plane crashes into a two-story home in Lithuania, killing one

Ukraine will lose if the US cuts military funding: President Volodymyr Zelenskyy

Russia escalated the Ukraine conflict by deploying North Korean troops: US

Henry Ortiz March 4, 2024 March 4, 2024
Popular News
kim-kardashian-may-be-the-owner-of-15000-ski-suit-victoria-beckham-once-sold-for-charity
Celebrity

Kim Kardashian may be the owner of £15,000 ski suit Victoria Beckham once sold for charity

Claire Martin Claire Martin April 22, 2024
The Crown Faces Backlash Over Alleged Fabrication of Princess Diana and Dodi Fayed’s Romance
Apple Watch’s Health Revolution: Blood Pressure Monitoring and Sleep Apnea Detection Coming in 2024
Horror in South Korea: Car Ramming and Stabbing Rampage Leaves Several Injured
Where is Richard Sackler Now? Tracing His Journey from Purdue Pharma to the Present-Day Life

Categories

  • Market
  • Tech
  • Fitness
  • Food
  • Celebrity
  • Fashion
  • Beauty
  • Football
  • Cricket
  • Entertainment
    • Celebrity
    • Movies
    • Television
  • Style
    • Arts
    • Beauty
    • Fashion
  • Health
    • Fitness
    • Food
  • Sports
    • Baseball
    • Basketball
    • Cricket
    • Football
    • Olympics
  • Business
    • Market
    • Tech
Useful Links
  • About us
  • Privacy policy
  • Term Of Use

2023 © Distinct Post News & Media. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?