Russia must cut oil output to 9 mln bpd in June as part of OPEC+ deal

MOSCOW. June 3 (Interfax) - Russia is required to increase cuts in oil production month-on-month in June as part of the agreements with OPEC+ countries.

As reported, Russia and a number of OPEC+ countries have jointly promised to cut oil output and exports in various amounts in addition to voluntarily reducing production quotas in the second quarter of 2024.

Russia's official production quota as part of OPEC+ is 9.95 million barrels of oil per day for 2024. The figure is 9.45 million bpd for all of 2024 when accounting for the voluntary cuts in production announced in April 2023 by a number of countries. At the end of 2023, the same eight countries announced additional cuts for the first quarter of 2024, and they extended them in March for the second quarter.

As part of the agreements, Russia has promised to cut production and exports in different amounts by 471,000 bpd. Specifically, Russia should have reduced production by 350,000 bpd and exports by 121,000 bpd in April; by 400,000 bpd and 71,000 bpd in May, respectively; and should only cut production by 471,000 bpd in June.

Russia's production should namely be 9.1 million bpd in April, 9.05 million bpd in May, and 8.979 million bpd in June, which is in line with Saudi Arabia's quota.