Until the end of the current year, Russia will continue to voluntarily reduce its oil exports by 300,000 barrels per day, Russian Deputy Prime Minister Alexander Novak announced on Sunday.
“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, adding 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.
Novak claims that further cuts are intended to strengthen OPEC+ efforts to preserve equilibrium and stability on the oil markets.
In March, Russia started to voluntarily reduce its oil production from February’s average by 500,000 barrels per day. Production cuts were eventually prolonged till the end of 2023 after multiple extensions. Production limits were extended until late 2024 following the OPEC+ summit in Vienna on June 4.
In addition, Russia made the decision in August to cut its oil exports to international markets by an additional 500,000 barrels per day. In September, it started cutting shipments by 300,000 barrels per day, a move that was later extended until the end of the year.
