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Russia to extend production cuts by 500,000 barrels a day throughout 2024 – deputy PM

It will be calculated from the quota for 2024, said Deputy Prime Minister of Russia Alexander Novak

Deputy Prime Minister of the Russian Federation Alexander Novak Sergei Karpukhin/TASS

Deputy Prime Minister of the Russian Federation Alexander Novak

© Sergei Karpukhin/TASS

VIENNA, June 4. /TASS/. Russia will extend its voluntary oil production cuts by 500,000 barrels a day until late December 2024, Russian Deputy Prime Minister Alexander Novak said on Sunday.

"Russia will extend its voluntary production cuts by 500,000 barrels a day until the end of December 2024 as a measure of precaution under the agreement with the countries participating in the OPEC+ deal, who announced voluntary cuts in April," he said.

According to Novak, the OPEC+ nations’ decision to extend the current agreement throughout 2024 and the voluntary production cuts by a number of countries will make it easier to forecast the market situation in the next 18 months.

"The agreement is in forces until the end of 2023, that is why we discussed the issue of its possible extension until the end of 2024 for quite a long time today. Two major decisions have been passed: first, to extend the existing agreement until the end of 2024, and, second, to extend throughout 2024 voluntary cuts by 1.66 million barrels a day starting May 1 undertaken by nine countries," he said.

"It will make it possible to have long-term forecasts of the effect of our agreement for 18 months ahead. These are key decisions we discussed and passed today," he added.

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Alexander Novak

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