Russia will cut oil production by almost half a million barrels per day in the second quarter of 2024, the government said Sunday, as part of a move to boost prices.

The plan, agreed with Russia's energy allies in the OPEC+ group, comes on top of previous cuts to both oil output and exports as some of the world's largest energy producers drive to push up market rates amid economic uncertainty.

Russia's Deputy Prime Minister Alexander Novak said Sunday that Moscow will reduce its output by 350,000 barrels a day (bpd) in April, by 400,000 bpd in May and then 471,000 bpd in June.