![Russia to cut oil output by 471,000 bpd in second quarter](https://photo-cdn.urdupoint.com/images/UrduPoint-English-22.png)
Russia To Cut Oil Output By 471,000 Bpd In Second Quarter
Muhammad Irfan Published March 03, 2024 | 09:00 PM
![Russia to cut oil output by 471,000 bpd in second quarter](https://photo-cdn.urdupoint.com/images/UrduPoint-English-22.png)
Moscow, (APP - UrduPoint / Pakistan Point News - 3rd Mar, 2024) 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.
bur/yad
Related Topics
Recent Stories
![Cricket: England v West Indies 3rd Test scoreboard](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019914.jpg)
Cricket: England v West Indies 3rd Test scoreboard
![Finance minister briefs Chinese officials on refor ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019922.jpg)
Finance minister briefs Chinese officials on reform agenda, engagement with IMF
![Finland says Russian vessel violated its territori ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019912.jpg)
Finland says Russian vessel violated its territorial waters
![Olympic opening ceremony under way on River Seine](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019266.jpg)
Olympic opening ceremony under way on River Seine
![West Indies' treble strike rocks England in third ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019264.jpg)
West Indies' treble strike rocks England in third Test
![Ukraine court orders detention of suspect in murde ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019262.jpg)
Ukraine court orders detention of suspect in murder of nationalist ex-MP
![Long queues, ticketing problems ahead of Paris ope ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019015.jpg)
Long queues, ticketing problems ahead of Paris opening ceremony
![Rana Sanaullah Khan joins Paris 2024 Olympics inau ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019638.jpg)
Rana Sanaullah Khan joins Paris 2024 Olympics inauguration reception
![Glowing tributes mark 69th birthday of President Z ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019637.jpg)
Glowing tributes mark 69th birthday of President Zardari at Governor's House
![Players unaware of spying scandal as Canada Olympi ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019635.jpg)
Players unaware of spying scandal as Canada Olympic coach sent home: official
![Naqvi hails Pak women cricketers for going down fi ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019013.jpg)
Naqvi hails Pak women cricketers for going down fighting against SL
!['Sabotage' on French rail network before Olympics: ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019634.jpg)
'Sabotage' on French rail network before Olympics: What we know
More Stories From World
-
Biden talks Gaza ceasefire efforts with king of Jordan
4 hours ago -
Sinaloa Cartel co-founder pleads not guilty after stunning US capture
4 hours ago -
Panama says Venezuela blocked ex-presidents going to observe polls
4 hours ago -
Ethiopia mourns victims of landslide tragedy
5 hours ago -
Khan Yunis fighting displaces 180,000 Gazans in four days: UN
5 hours ago -
Trump slams rivals as he meets Netanyahu in Florida
5 hours ago
-
Obama & his wife, Michelle, officially endorse US VP Kamala Harris for president
5 hours ago -
Rain, cooling slow huge blaze in Canada's Jasper park
5 hours ago -
Airbus and Boeing supremacy secure despite turbulence
5 hours ago -
S.African police detain 95 Libyans at suspected military camp
5 hours ago -
'Slapping therapist' guilty over UK diabetic woman's death
6 hours ago -
Panama says Venezuela blocked flight of ex-presidents going to observe polls
6 hours ago