MOSCOW, March 15. /TASS/. Russia’s voluntary reduction of crude production by 500,000 barrels per day starting March will affect the market price of the Russian oil as early as in the second half of 2023, Energy Minister Nikolay Shulginov said addressing the State Duma (lower house) on Wednesday.

"Russia’s oil production has been reduced by 500,000 barrels per day since March as you know. We expect it to affect the market oil price in the second half of the year, followed by a planned decrease in discount," he said.

In the future, the minister expects a decrease in the Russian oil discount, which will allow reducing the risks of falling oil and gas revenues.

Russia started voluntarily reducing crude output by 500,000 barrels per day in March. Deputy Prime Minister Alexander Novak said that the decision was made voluntary, without consultations with OPEC+ countries.

Novak’s representative said earlier that the output reduction would only cover oil without gas condensate affected. The production quota will be distributed equally among oil companies depending on their output level.