Novak: Russia to extend additional voluntary oil production cut ‎until the end of 2023‎

Russian Deputy Prime Minister Alexander Novak said on Sunday that his country will continue to reduce additional voluntary supplies by 300,000 barrels per day from its exports of crude oil and petroleum products until the end of December 2023, as previously announced.

According to Reuters, Russia agreed to make two separate cuts in oil supplies, as it decided in April to reduce crude production by 500,000 barrels per day until the end of 2024, while it announced in August that it would reduce exports by 300,000 barrels per day until the end of 2023. .

Novak added that Russia will study next month whether to increase the size of the voluntary export reduction or raise production.