All news

Russia already cutting oil production by 500,000 barrels a day – deputy PM

According to Alexander Novak, the main figures, which will be estimated according to data from six independent sources, will be later

VIENNA, June 4. /TASS/. Russia is already at a level of the voluntary oil production cuts of 500,000 barrels a day, Russian Deputy Prime Minister Alexander Novak.

"All basic figures to be assesses by data from six independent sources will be available later. Naturally, we will use them for the general statistics of the OPEC secretariat. According to the Russian energy ministry, we have reached the cuts level of 500,000 barrels a day and will continue to implement the existing agreements," he said.

He said earlier that Russia will extend its voluntary production cut by 500,000 barrels a day throughout 2024. It will be calculated from the 2024 quota, which has been reduced to 9.828 million barrels a day as part of the deal.

Russia announced its decision to voluntarily cut oil output by 500,000 barrels a day in March and extended it until the end of the current year. Novak explained that the move was meant to decrease the discount on Russian oil and ensure stable supplies.