Novak: Russia will decide to further reduce or raise oil ‎production in November

Russian Deputy Prime Minister Alexander Novak said on Wednesday that Russia will discuss next month whether it will increase its voluntary reduction in oil production or raise production, but it will separately continue the policy of reducing exports currently followed until the end of the year.

According to Reuters, Russia approved two separate cuts to oil supplies, as it decided in April to reduce production by 500,000 barrels per day until the end of 2024, while it said in August that it would reduce exports by the equivalent of 300,000 barrels per day until the end of this year.

Novak said on Wednesday that Russia would continue the voluntary reduction in exports by the equivalent of 300,000 barrels per day until the end of December, as previously announced.