Russia, Saudi Arabia, and the UAE Announce Simultaneous Measures!

Russian Deputy Prime Minister Novak announced on March 3rd local time that Russia, in coordination with some "OPEC+" member countries, will reduce its combined oil production and exports by 471,000 barrels per day in the second quarter. Specifically, in April, production will be reduced by 350,000 barrels per day, with exports decreasing by 121,000 barrels per day; in May, production will be reduced by 400,000 barrels per day, with exports decreasing by 71,000 barrels per day; and in June, production will be reduced by 471,000 barrels per day.

Novak stated that these reductions will be gradually adjusted and restored based on market conditions to maintain market stability.

In February 2023, Russia announced a reduction of 500,000 barrels per day in daily crude oil production starting from March, a decision that has since been extended until the end of 2024. This current reduction is a further measure taken based on the announcement made in 2023. Novak emphasized that the voluntary reductions aim to strengthen the ability of "OPEC+" countries to maintain stability and balance in the oil market.

UAE Extends Existing Oil Production Cuts into Second Quarter

On March 3rd local time, the UAE announced that it will extend the additional voluntary reduction of 163,000 barrels per day in oil production until the second quarter of 2024. This means that its oil production will remain at 2.912 million barrels per day until the end of June this year.

This voluntary reduction comes on top of the UAE's announcement in April 2023 to voluntarily cut production by 144,000 barrels per day. At the end of November last year, the UAE announced additional voluntary cuts of 163,000 barrels per day until March 2024.

According to the UAE's state news agency, this decision was made in coordination with some "OPEC+" member countries as a precautionary measure to balance oil market prices.

Saudi Arabia Extends Voluntary 1 Million Barrel Oil Production Cut until End of June

Saudi Arabia's state news agency cited sources from the Saudi Ministry of Energy on March 3rd, reporting that the voluntary production cut of 1 million barrels per day, which Saudi Arabia has been implementing since July 2023, will be extended until the end of June this year.

With this extension, Saudi Arabia's daily oil production will be around 9 million barrels. These additional production cuts will be gradually adjusted based on market conditions.

The report stated that this voluntary reduction is an additional cut on top of the voluntary production cut announced by Saudi Arabia in April 2023, aiming to support the "OPEC+" countries, including both OPEC and non-OPEC oil-producing nations, in their preventive efforts to maintain stability and balance in the international oil market.

In April 2023, Saudi Arabia announced a voluntary reduction in oil production of 500,000 barrels per day starting from May of the same year. On June 4th, 2023, after the 35th Ministerial Meeting of "OPEC+", Saudi Arabia announced that it would further cut production by an additional 1 million barrels per day in July, lasting for one month. Since then, Saudi Arabia has extended these additional production cuts several times until the end of March this year.

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