Dyukov: Gazprom Neft to reach target levels of production cuts under OPEC+ deal before end of April

KRONSHTADT. April 5 (Interfax) - Gazprom Neft intends to reduce oil production to the level required by Russia to meet the OPEC+ quota by the end of April, Alexander Dyukov, Chairman of the company's management board, told reporters.

"The quota is usually communicated to us by the Energy Ministry, we fulfill it. We plan to reach the required volume of production cuts by the end of the month," Dyukov said.

As reported, Russia within the framework of OPEC+ in the second quarter is moving from the reduction of exports to a real reduction in production. The country will reduce production and exports by a total of 471,000 bpd with a different structure in each month: in April, Russia will reduce production by 350,000 bpd and exports by 121,000 bpd; in May - by 400,000 bpd and 71,000 bpd respectively; in June, it will only reduce production by 471,000 bpd.

Russia's official oil production quota for 2024 under OPEC+ is 9.95 million bpd. Given the voluntary production cut announced in April 2023 for the whole of 2024 it will be 9.5 million bpd. Thus, in April, Russia's production will have to total 9.1 million bpd, in May - 9.05 million bpd and in June - 8.979 million bpd, which corresponds to Saudi Arabia's quota.