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Gazprom Neft to Hit Oil Production Cut Targets By Month’s End

Gazprom Neft is poised to fulfill its obligations under the April quota of the OPEC+ agreement on oil production cuts by the close of the month, CEO Alexander Dyukov informed journalists.

"The Ministry of Energy traditionally communicates the quota to us, and we proceed to implement it accordingly. Our plan is to achieve the required volumes of production cuts by the month's end," Dyukov stated.

During the April 3 meeting of the Joint Ministerial Monitoring Committee of the OPEC+, no recommendations were made regarding alterations to the oil production policy. OPEC+ has agreed to voluntarily cut oil production by a combined total of 2.2 million barrels per day since during the first quarter of 2024. This concerted effort is aimed at restoring equilibrium to the oil market.

OPEC+ had originally planned on this production cut spanning the first quarter, but left the door open for it could be extended. The voluntary production cuts will now go through the second quarter as well. 

The commitment of Gazprom Neft to fulfilling its obligations underscores the company's adherence to the agreements laid out within the framework of the OPEC+ arrangement. Such adherence from Russia is crucial in OPEC+ maintaining stability within the global oil market, particularly amidst ongoing fluctuations in supply and demand dynamics and geopolitical uncertainty.

Gazprom Neft's timely compliance with the April quota will contribute to the broader objective of achieving market stability, after compliance had become a sticking point for the OPEC+. The Joint Ministerial Monitoring Committee (JMMC) had asked Iraq and Kazakhstan to present detailed compensation plans on how they would cut production in the second quarter to make up for their overproduction in the previous quarter.

By Julianne Geiger for Oilprice.com

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