Novak: Russia will continue to reduce oil exports until the end of 2023

Until the end of December 2023, Russia will continue to further reduce oil supplies to world markets by 300,000 barrels per day. About it reported TASS with reference to Russian Deputy Prime Minister Alexander Novak.

Novak said a market analysis is planned next month to decide whether to deepen the cuts or increase supplies.

“This is in addition to the voluntary reduction previously announced by Russia in April 2023, which will last until the end of December 2024,” the deputy prime minister said.

Russia voluntarily reduced oil production in March by 500,000 barrels per day. This step was intended to contribute to the “restoration of market relations” under sanctions. The decision was extended several times. From September Russia extended cutting oil exports by 300,000 bbl/d “as part of efforts to balance the market.”

On September 5, Novak announced an extension of the 300,000 bbl/d cut until the end of December 2023. On the same day, Saudi Arabia announced an extension of its voluntary production cut of 1 million bbl/d for another three months, until the end of December 2023. September 28, Russian President Vladimir Putin statedthat the possibility of increasing oil exports is not discussed.