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| Russia continues to voluntarily reduce oil exports. (Source: India Post English) |
“Russia will continue to voluntarily cut its supplies of oil and petroleum products to the world market by another 300,000 barrels per day until the end of December 2023,” Novak said.
The Russian deputy prime minister added that Russia will conduct a market analysis next month to decide whether to deepen or increase oil production. The measure would complement the voluntary production cut of 500,000 barrels per day announced by Russia in April 2023 and will last until the end of December 2024.
"The additional voluntary cuts are intended to strengthen the efforts of the Organization of the Petroleum Exporting Countries (OPEC) and its partners (OPEC+) to maintain stability and balance in the oil market," he said.
The Russian Energy Ministry also informed that the country continues to fully participate in the voluntary efforts of OPEC and OPEC+.
Since September, Russia has been fulfilling its voluntary obligation as part of OPEC+ to reduce oil supply to the market by 300,000 barrels per day.
Since March, Russia has voluntarily cut oil production by 500,000 barrels per day compared to the February average. This production cut has been extended several times - first until the end of June, then until the end of 2023.
Following the OPEC+ meeting on June 4 in Vienna, the decision to voluntarily cut production was extended until the end of 2024.
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