Russian Deputy Prime Minister Alexander Novak announced on Friday that Russia will be implementing oil production cuts in the second quarter of 2024 to align with the rest of the OPEC+ member countries, Paralel.Az reports citing BBN.

According to Novak, Russia will reduce oil production and exports gradually. In April, production will be reduced by an additional 350,000 barrels per day (bpd) and exports will decrease by 121,000 bpd. In May, production will see a decline of 400,000 bpd with exports cut by 71,000 bpd. By June, production will be reduced by approximately 471,000 bpd. The oil companies will adjust their production levels based on their share of the country's total oil output.

Novak emphasized that these measures aim to ensure a fair contribution from all countries towards the reduction of production and market stabilization.