Novak: Russia will reduce oil production in Q2 to catch up with other OPEC+ countries

Russian Deputy Prime Minister Alexander Novak said on Friday that his country decided to focus on reducing oil production, not exports, in the second quarter in order to share production cuts fairly with other OPEC+ member countries.

Novak told reporters that Russian oil companies will reduce production in proportion to their share in the country’s total oil production.

Russia plans to gradually reduce export cuts, as it will begin an additional production cut in April by 350,000 barrels per day, while reducing exports by 121,000 barrels per day. In May, the additional reduction in production will be 400 thousand barrels per day and the reduction in exports will be 71 thousand barrels per day. In June, all additional cuts will be from oil production.

Earlier this month, Russia said it would reduce its oil production and exports by another 471,000 barrels per day in the second quarter in coordination with some countries in OPEC+.