Russia agrees with OPEC+ on a new reduction in oil exports – Kommersant

Deputy Prime Minister Alexander Novak said that the Russian authorities had agreed with representatives of OPEC + on a new reduction in oil exports to foreign markets. According to him, the details of these agreements will be announced by the Russian government next week.

“We will announce the main parameters publicly next week,” Novak said during a meeting with Russian President Vladimir Putin. According to him, the agreement to reduce oil supplies will be extended to October 2023.

Formerly Alexander Novak saidthat Russia in August fulfilled its obligations to reduce oil production under a joint agreement with OPEC+ countries. Russia voluntarily cut oil exports by 500,000 barrels per day in August, in addition to the previously announced production cuts. It was later announced that the reduction would be extended to September, but now by 300,000 bpd.

The expected increase in oil supplies in September has not yet affected prices, which remain at $85 per barrel. The reduction in exports allowed domestic companies to lower Urals discounts to Brent and increased the cost of Russian raw materials to more than $70 per barrel.

Read more in the material “Kommersant” “Compound Sentence”.

Alexander Kislov