Russian Deputy Prime Minister for Energy Aleksandr Novak announced that as part of the joint efforts of the Organization of Petroleum Exporting Countries (OPEC+),Russia plans to further reduce crude oil production and exports in the second quarter of 2024 to address global market volatility and maintain oil price stability.According to Novak’s statement,Russia will reduce oil production by a total of 471,000 barrels per day between April and 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 reduction plan: Russia is expected to reduce oil production by 350,000 barrels per day in April 2024,while oil exports will decrease by 121,000 barrels per day compared to previous months.By May,production will be further reduced to 400,000 barrels per day,and exports will decrease by 71,000 barrels per day.By June,the production reduction will reach 471,000 barrels per day,but exports will not be further reduced.

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 based on market conditions to ensure price stability.He stated,"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.