MOSCOW, February 21. /TASS/. Russia has only made a decision on voluntary reduction of crude production by 500,000 barrels per day for March so far, Deputy Prime Minister Alexander Novak told reporters, adding that the policy would be extended later depending on the situation.
"We will see how the market situation will unfold, and depending on this, decisions will be taken on the market," he said, adding that "the present decision has only been made for March."
Companies’ output reduction in March will be proportional to production, Novak noted. "Yes, depending on production," he said.
Earlier, Novak said that Russia planned a voluntary decrease in oil production by 500,000 barrels per day in March.
A representative of the Deputy Prime Minister said later that the reduction in production would affect only oil, without taking gas condensate into consideration. Meanwhile, a TASS source in the industry specified that the reduction in production would be calculated from the real volume of production, and not from Russia’s production quota under the OPEC+ deal. According to the deal, from November 2022, Russia is to produce 10.478 mln barrels per day. In January 2023, as Novak said earlier, Russia produced approximately 9.8-9.9 mln barrels per day.