Russia will cut oil production and exports by an additional 471,000 barrels per day (bpd) in the second quarter of 2024 in coordination with some OPEC+ participating countries, Russian Deputy Prime Minister Alexander Novak said on Sunday.

Of that, the country will reduce oil production by additional 350,000 bpd while exports will be cut by 121,000 bpd in April. In May, the additional oil output cut will stand at 400,000 bpd and exports at 71,000 bpd. In June, all the additional cuts will be from oil output, Novak said.

The export cut will be made from the average export levels of the months of May and June of 2023, he added.

“This additional voluntary cut comes to reinforce the precautionary efforts made by OPEC Plus countries with the aim of supporting the stability and balance of oil markets,” Novak said in a statement.

Russia had previously agreed to voluntarily reduce oil and fuel exports by 500,000 bpd in the first quarter, in addition to voluntary cuts of output by the same scale until the end of 2024.