Alexander Novak: Russia will extend the reduction of oil exports until the end of the year

Deputy Prime Minister of the Russian Federation Alexander Novak announced that Russia will extend an additional voluntary reduction in oil supplies to world markets by 300,000 barrels per day until the end of December 2023.

He affirmed, in a statement carried by the Russian Government website, that the voluntary decision to reduce oil production will be reviewed monthly to consider the possibility of deepening the reduction or increasing production, depending on the situation on the world market. The measure is in addition to the voluntary reduction previously announced by Russia in April 2023, which will last until the end of December 2024.

The additional voluntary reduction of oil supplies for export is aimed at strengthening the precautionary measures taken by OPEC+ countries in order to maintain stability and balance of oil markets, the statement added.