Russia and Saudi Arabia extended the reduction of oil supply until the end of the year
[ad_1]
Russia will extend a voluntary reduction in oil exports by 300,000 barrels per day until the end of December 2023, Russian Deputy Prime Minister Alexander Novak told reporters on September 5. “The additional voluntary reduction in oil exports is intended to reinforce the precautionary measures taken by OPEC+ countries to maintain stability and balance in oil markets,” he said.
Novak recalled that this measure is in addition to Russia’s previously announced voluntary cut in oil production by 500,000 barrels per day, which will be valid until the end of 2024. The official also said that Russia’s voluntary decision to reduce oil production will now be reviewed monthly depending on on the situation in the world market.
[ad_2]
Source link
