Novak: Russia will continue to reduce oil supplies by 300,000 barrels per day

Russia will continue to reduce supplies of oil and petroleum products to world markets by 300,000 barrels per day until the end of the year, said Deputy Prime Minister Alexander Novak. His statement The press service of the Russian government reports on the situation on the oil market.

“Russia will continue until the end of December 2023 an additional voluntary reduction in the supply of oil and petroleum products to world markets by 300,000 barrels per day, which came into force in September and October 2023,” Novak said.

In December, a market analysis will be carried out to make a decision on whether to deepen the reduction or increase oil production, he added. Additional voluntary supply cuts, Novak explained, should strengthen the measures taken by OPEC+ countries to maintain stability and balance in oil markets.

September 5 Russia announcedthat the reduction in oil exports by 300,000 barrels per day will be extended until the end of 2023. Novak said then that the reduction volumes will be adjusted monthly “depending on the situation on the global oil market.”

From March of this year until the end of 2024, the Russian Federation is also voluntarily reducing oil production by 500,000 barrels per day. In addition, in August Russia decided to reduce exports by 500,000 barrels per day, in September – by 300,000 barrels. This reduction does not apply to agreements under the OPEC+ deal.

Eight more OPEC+ countries also joined the voluntary reduction in oil production, including Russia’s main partner Saudi Arabia. The Kingdom reduced oil production by 500,000 barrels per day from May 1, and by another 1 million barrels from July until the end of the year.