Russia will reduce oil and fuel supplies by 500 thousand b/d from January 2024 – Kommersant
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Russia will voluntarily reduce supplies of oil and petroleum products by 500 thousand barrels per day (b/d) from January 2024. Deputy Prime Minister Alexander Novak announced this TASS.
“Russia, for its part, fully confirms its commitment to the agreements on a voluntary additional reduction in the export of oil and petroleum products by 500 thousand barrels per day, starting in January 2024,” the Deputy Prime Minister said.
He said that the country will begin a voluntary reduction in oil exports in December. According to him, Russia will continue to cooperate with independent sources, which will allow independent assessments of the state of the market after voluntary restrictions.
“The timely actions of OPEC+, thanks to which about 2.2 million barrels per day will not enter the market in the first quarter of next year, will allow the period of low demand to pass painlessly in the first quarter of 2024,” he said.
Alexander Novak noted that if the restrictions are not enough, the OPEC+ countries are ready to take additional actions to eliminate speculation and limit volatility in the world market.
November 31 Alexander Novak confirmed Russia’s intention to limit the export of oil and petroleum products by 500 thousand bpd. According to him, this volume will be achieved by reducing the existing agreement to reduce supplies by 300 thousand b/d by 200 thousand b/d.
Read more about obligations to reduce oil production in the material “Less is better”.
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