Novak spoke about the pace of reduction in oil production in Russia

Since May, Russia has reached the level of reducing oil production by 500,000 barrels per day, Deputy Prime Minister Alexander Novak said.

“Since May, Russia has been cutting by 500,000 barrels per day, and other countries that have made commitments are also [сокращают] another 1 million 100,000 barrels per day,” Novak said (quote according to RIA Novosti).

In March, the Russian authorities decided to extend the country’s voluntary cut in oil production by 500,000 barrels per day until June 2023. Novak then said that Russia was close to reaching the target level of production cuts and would reach it “in the coming days.” The Deputy Prime Minister also noted that today the global oil market is “under unprecedented negative pressure from unnatural man-made factors” that create volatility and uncertainty.

In April, Novak reported, Russia implements voluntary cuts in oil production by 500,000 barrels per day until the end of 2023

May 2 Bloomberg wrotethat despite Moscow’s statements about the reduction in oil production, “signs of a noticeable drop in oil exports” are allegedly not observed. Novak responded to these reports that journalists did not take into account the “significant reduction” in pipeline supplies to the EU. According to him, the volume of such supplies fell “by more than two-thirds.” It was only partially compensated for by maritime exports, the Deputy Prime Minister added.

On May 1, eight OPEC+ countries, including Saudi Arabia, began a voluntary cut in oil production, which will last until the end of this year. The total decline in production by nine countries was announced at the level of 1.66 million barrels per day.

A May 16 report from the International Energy Agency said that the announcement by several OPEC+ countries of voluntary cuts in oil production affected the rise in world prices in early April.