Russia to carry on voluntary oil export cuts by 300,000 barrels a day until yearend

Russian Deputy Prime Minister Alexander Novak on Sunday said that the export cut of oil and oil products which came into effect in September and October 2023 will continue until late December 2023.

Russia will continue additional voluntary oil export cuts by 300,000 barrels a day until the end of the current year, Russian Deputy Prime Minister Alexander Novak said 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.

Novak further stressed that a market analysis will be conducted next month to decide whether oil production cuts will be continued or increased, according to TASS.

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 said that additional cuts are used to enhance the Organization of the Petroleum Exporting Countries (OPEC)+ measures to maintain stability and balance in oil markets, TASS reported.

Russia initially began to voluntarily cut oil production by 500,000 barrels a day from February's average back in March.

Moreover, the term of production cuts was extended several times during the year.

According to TASS, following the June 4 OPEC+ meeting in Vienna, production cuts were extended until late 2024.

Adding to that, Russia decided to reduce oil exports to global markets by an additional 500,000 barrels a day in August and began to reduce exports by 300,000 barrels a day in September, following the decision to extend the measure until the end of the year, TASS reported. (ANI)