According to the Russian Deputy Prime Minister, in December they will analyze the market to make a decision on whether to deepen its voluntary export cuts or increase production.
MOSCOW, November 5. /TASS/. Russia will continue the additional voluntary supply cut of 300,000 barrels per day from its crude oil and petroleum product exports until the end of December 2023. Russian Deputy Prime Minister Alexander Novak told reporters.
“Russia will continue additional voluntary decrease of supplies of its oil and oil products to global markets by 300,000 barrels a day, which came into effect in September and October 2023, until late December 2023,” he said.
Novak added that a market analysis will be done next month to make a decision on either continue oil production cuts or increase oil production. This measure supplements the voluntary oil production cuts by 500,000 barrels a day that was announced by Russia in April 2023 and will stay in place until late December 2024.
The Deputy Prime Minister also emphasized that the additional voluntary reduction is intended to strengthen the measures of OPEC+ countries to maintain the stability and balance of oil markets.
Russia began to voluntarily cut oil production by 500,000 barrels a day from February’s average back in March. The term of production cuts was extended several times, ultimately until the end of 2023. Following the June 4 OPEC+ meeting in Vienna, production cuts were extended until late 2024.
Along with that, Russia decided to reduce oil supplies to world markets in August by extra 500 thousand bpd in addition to its production reduction obligations, and in September began to reduce supplies by 300 thousand bpd. In September, this measure was extended until the end of 2023. At the same time, Russia monthly revises the volume of voluntary reductions in oil production to increase or decrease depending on the situation on the world market.
