Aleksandr Novak, the Deputy Prime Minister of Russia in the energy field, announced that as part of the joint efforts of the Organization of the Petroleum Exporting Countries (OPEC+), Russia plans to further cut crude oil production and exports in the second quarter of 2024 to address the volatility of the global market and maintain the stability of oil prices. According to Novaks statement, Russia will reduce its oil production by a total of 471,000 barrels per day from April to June.

This production cut decision reflects the coordinated cooperation between Russia and some OPEC+ member states, although Novak did not elaborate on which specific countries were involved in this agreement. The close alliance between Russia and Saudi Arabia has played a key role within the framework of OPEC+ in jointly promoting the management of global oil supply and price stability.

Novak detailed the production cut plan: It is expected that Russia will reduce its oil production by 350,000 barrels per day in April 2024, and its oil exports will decrease by 121,000 barrels per day compared with the previous months. In May, the production will be further reduced to 400,000 barrels per day, and the exports will decrease by 71,000 barrels per day. In June, the production cut will reach 471,000 barrels per day, but there will be no further reduction in exports.

This strategy of the Russian government is regarded as strengthening a series of preventive measures taken by OPEC+ countries, aiming to maintain the balance of the global oil market and the stability of prices. Novak emphasized that this decision is to address the current market uncertainties and protect the Russian economy from significant oil price fluctuations.

Novak also pointed out that the Russian government will closely monitor the dynamics of the global oil market and gradually adjust production according to market conditions to ensure price stability. He said, In order to maintain price stability, production will be gradually restored in the future according to market conditions.,

The production cut plan announced by Russia will have an important impact on the global oil supply, especially against the backdrop of numerous challenges faced by the current global energy market. Market analysts are closely watching the further developments of OPEC+ member states, as well as the long - term impact of this series of production cut measures on oil prices and the global economy. As governments and energy companies adjust their strategies, the future of the global energy market remains full of uncertainties.