MOSCOW, September 5. /TASS/. Russia has decided to extend an additional voluntary reduction in oil supplies by 300,000 barrels per day, which was previously passed for September, until the end of this year, Deputy Prime Minister Alexander Novak told reporters.
"Russia will extend an additional voluntary reduction in oil supplies to world markets by 300,000 barrels per day until the end of December 2023," he said.
The decision extending the reduction of oil supplies for export by the end of this year "is aimed at strengthening the precautionary measures taken by OPEC+ countries in order to maintain stability and balance of oil markets," Novak added.
In March, Russia started voluntarily reducing oil production by 500,000 barrels per day from the February average. The reduction was extended later to June and finally until the end of the year. After the OPEC+ meeting on June 4 in Vienna the decision on voluntary output cut was extended until the end of 2024.
Russia started reducing crude deliveries to global markets by 500,000 barrels per day additionally to production cut obligations in August, whereas in September it started cutting supplies by 300,000 barrels per day.
Novak said last week that Moscow had reached an agreement with OPEC+ countries on new parameters of the reduction in supplies of Russian oil to foreign markets.