OPEC+ is extending the reduction in oil production into the second quarter of 2024. The Kingdom of Saudi Arabia, as previously declared, will maintain the declared reduction at the level of 1 million barrels per day.
Iraq will continue to reduce production by 220 thousand barrels per. day, the United Arab Emirates - by 163 thousand b/d, Kuwait - by 135 thousand. b/D, Algeria - by 51 thousand b-d, Oman - by 42 thousand b+d. As for our country, judging by recent statements by the “energy” Deputy Prime Minister Alexander Novak, starting from the next quarter, the Russian Federation will reduce oil exports combined with production by 471 thousand bpd.