MOSCOW, March 23. /TASS/. The renewal of Russia’s decision to institute a voluntary oil production cut until July is aimed at lowering the discount for Russian oil and ensuring stable supplies, Deputy Prime Minister Alexander Novak said in an interview with the Rossiya-24 TV channel.

Russia initiated the voluntary slash in oil production by 500,000 barrels per day in March and the decision was extended until the end of June, Novak noted.

"We believe this is the correct decision, as it is targeted at reducing the discount and ensuring stable deliveries of our resources to global markets, while factoring in the market situation that is currently evolving, given that we reject the decisions of the European Union and the G7 countries to place a price ceiling on Russian oil and petroleum products. We will consider the situation further on regarding our approach to ensuring the stable operation of our [hydrocarbons] industry from the standpoint of deliveries to foreign markets," the senior official stressed.