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Russia producing 9.5 mln barrels of oil per day now — Novak

"Russia is fully committed to agreements that were reached in general within the OPEC+ framework also," the deputy prime minister underscored

MOSCOW, August 4. /TASS/. Russia is fully in line with its commitments on voluntary oil production cuts by 500,000 barrels daily and the country’s production is now at the level of 9.5 mln barrels per day. Deputy Prime Minister Alexander Novak said on the air with the Rossiya-24 TV channel.

"Russia is fully committed to agreements that were reached in general within the OPEC+ framework also. We are performing our obligations in full scope. The overall production volume is kept at the level of 9.5 mln barrels per day. This means minus 500,000 [barrels daily] of voluntary cuts being implemented since this March. Furthermore, August and September are the two months during which we supply less to export markets in order to keep the situation in the market in cooperation with other countries, and provide for the required stability," Novak said.

In March 2023, Russia initiated the voluntary oil production reduction by 500,000 barrels daily from average figures in February. The term of such production slashing was extended several times, initially until June and then until the end of 2023. After the OPEC+ meeting in Vienna, the decision on voluntary oil production cuts was extended until the end of 2024.

In August 2023, Russia will reduce oil supplies to global markets by 500,000 barrels per day in addition to commitments to lower production. The country intends to reduce exports by 300,000 barrels daily in September.

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Alexander Novak OPEC

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