Russia did this voluntarily without OPEC's intervention.

On November 5th, Russian Deputy Prime Minister Alexander Novak announced that the country will continue to voluntarily cut its oil output to the world market by an additional 300,000 barrels per day until the end of 2023.

Russia continues to voluntarily reduce its oil exports. (Source: India Post English)

Novak said: “Russia will continue to voluntarily cut its supply of oil and petroleum products to the world market by an additional 300,000 barrels per day until the end of December 2023.”

The Russian Deputy Prime Minister added that the country will conduct a market analysis next month to decide whether to further reduce or increase oil production. This measure complements the voluntary production cut of 500,000 barrels per day announced earlier in April 2023 and will last until the end of December 2024.

"The additional voluntary cuts are aimed at strengthening the efforts of the Organization of Petroleum Exporting Countries (OPEC) and its partners (OPEC+) to maintain the stability and balance of the oil market," he said.

The Russian Energy Ministry also stated 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 its oil supply to the market by 300,000 barrels per day.

Starting in March, Russia began voluntarily cutting oil production by 500,000 barrels per day compared to the February average. These production cuts have been extended several times – first until the end of June, then until the end of 2023.

Following the OPEC+ meeting on June 4th in Vienna, the decision to voluntarily cut production was extended until the end of 2024.

Source: https://baoquocte.vn/khong-can-opec-danh-tieng-nga-van-tu-nguyen-lam-dieu-nay-248906.html