Russia will decide in November whether to increase oil production – Kommersant
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Russia will continue to reduce oil supplies to world markets by 300 thousand barrels per day (b/d) until the end of December, said Deputy Prime Minister Alexander Novak. According to him, in November the authorities will decide whether to increase the reduction or begin to increase oil production. Saudi Arabia will also consider this issue.
“Next month, a market analysis will be carried out in order to make a decision on deepening the reduction or increasing oil production,” the statement says. comments Mr. Novak. He added that the additional production cuts “are designed to strengthen the measures taken by OPEC+ countries to maintain stability and balance in oil markets.”
Saudi Arabia may also reconsider the volume of additional oil production cuts in November, a local agency reported. SPA with reference to a source in the country’s Ministry of Energy. For now, it is assumed that Sad Arabia will continue to reduce production by 1 million bpd until the end of 2023.
In October 2022, OPEC decided to cut production by 2 million bpd. In May 2023, a group of countries led by Saudi Arabia announced a further reduction in production by more than 1 million bpd. On September 5, Saudi Arabia and Russia said they planned to extend existing cuts until the end of 2023. UAE Energy Minister Suhail Al Mazrouei believesthat the parameters of the OPEC+ deal will not be changed next year.
About the situation on the market – in the material “Kommersant” “Russian share in the EU oil and gas market is going to other suppliers”.
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