Reuters news agency said that the Russian government wants to fulfill what OPEC+ countries promised to reduce oil production. Therefore, it urged Russian oil companies to reduce their oil production in the second quarter of this year.

With this decision, Russia aims to reduce its oil production by the end of June 2024 until it reaches 9 million barrels per day. Russia and Saudi Arabia also pledged about a month ago to reduce the supply and production side of oil.

Despite Russia's dependence on revenues from oil, which are important in financing its war in its confrontation with Ukraine, Putin earlier this month made a statement regarding reducing Russia's oil production as a member of OPEC+ countries. He expressed his welcome of this step, even though Russia's reduction in oil production will affect its share in the global market. This gives preference to some countries that have recently increased their oil production, such as the United States of America.