Novak: Russia will extend the reduction of oil exports until the end of the year

Russia will extend an additional voluntary cut in oil supplies to world markets by 300,000 barrels per day until the end of December 2023, Deputy Prime Minister Alexander Novak said.

The decision is aimed at strengthening the precautionary measures that the OPEC + countries are taking to maintain stability and balance in the oil markets.

The decision to cut oil production will now be reviewed monthly. This is necessary in order to deepen cuts or increase production, depending on the situation on the world market.

In February 2023 Novak declaredthat Russia will voluntarily reduce oil production in March by 500,000 barrels per day. This step was intended to help restore market relations in the face of sanctions. In April Novak clarifiedthat Russia will extend the voluntary cut in oil production until the end of 2023. A reduction of 300,000 barrels per day announced in August.