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Russia will reduce its oil output by 650,000 barrels per day in 2024, Radio Free Europe/Radio Liberty reported following an OPEC+ meeting in Vienna on June 4.
The 2023 Russian quota is approximately 10.5 million barrels per day (bpd). After the cut in 2024, the quota would become approximately 9.3 million bpd.
The new output estimate also accounts for Russia's decision to use the voluntary oil production cut of 500,000 barrels per day, the paper reported.
As a group, OPEC+ has agreed to reduce oil production by about 1.5 million barrels per day next year. The OPEC+ cuts in oil production aim to stop the decrease in oil prices in the international markets.
Western allies have tried to limit Russian revenue streams by targeting petroleum production. On May 8, the European Union also proposed banning vessels that help Russia evade sanctions from entering its ports.