MOSCOW, April 3. /TASS/. Russian Deputy Prime Minister Alexander Novak did not rule out that other countries participating in the OPEC+ deal may join an additional voluntary reduction in oil production.
"Yes, since nine countries, including Russia, Saudi Arabia, and, as you know, we have 23 countries in OPEC +, today, in principle, they said that other countries could also join and announce some additional cuts of their own, if they deem it necessary, of course, in order to stabilize the market. But these are voluntary decisions only," he said in an interview with the Rossiya-24 TV channel following the results of a meeting of the OPEC+ Monitoring Committee.
Novak noted that the participants of the ministerial meeting noted the continuing uncertainty on the market, related, in particular, to the volatility of supply and demand, the decline in investment, and the banking crisis in Europe and the United States.
"The energy policy that is being pursued today by many countries, interference with market mechanisms, is also one of the reasons why the oil exporting countries that are members of OPEC + voluntarily decided on an additional reduction. And, of course, the main task is a more predictable market, a more stable situation on the oil markets," he said.
On April 2, a number of OPEC+ countries announced additional voluntary oil production cuts from May through the end of 2023. The total volume of these additional cuts, including Russia, will be 1.66 mln bpd.
From May until the end of 2023, Saudi Arabia will voluntarily reduce production by 500,000 bpd, Iraq - by 211,000 bpd, the UAE - by 144,000 bpd, Kuwait - by 128,000 bpd, Kazakhstan - by 78,000 bpd, Algeria - by 48,000 bpd, Oman - by 40,000 bpd, Gabon - by 8,000 bpd.
Russia will extend the decision to reduce production by 500,000 barrels per day from the February average until the end of the year. The current decision is valid until the end of June.