Russia will extend the reduction of oil exports until the end of the year – Kommersant

Deputy Prime Minister Alexander Novak said that Russia would extend a voluntary cut in oil supplies to world markets by 300,000 barrels per day until the end of 2023. Saudi Arabia has also announced cuts. The Kingdom has said it will keep its oil export cut to 1 million b/d until the end of this year.

The report emphasizes that the decision on whether the Russian Federation will go for a reduction or increase in production “will be reviewed monthly, depending on the situation on the world market.” “The additional voluntary reduction in oil supplies for export is aimed at strengthening the precautionary measures taken by the OPEC + countries in order to maintain stability and balance in the oil markets,” Mr. Novak said.

The fact that the Russian Federation may extend the reduction of oil exports to October, last week said Alexander Novak. Initially, the Russian Federation decided to cut 500,000 b/d in August, as a result, maritime exports fell to 3.1 million b/d, according to Kpler. In September, in the context of refinery repairs, the Russian government decided to increase exports, while maintaining a reduction in supplies of 300,000 bpd.

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”.

Dmitry Kozlov