MOSCOW, September 5. /TASS/. Russia will review the volumes of a voluntary reduction in oil output upwards or downwards depending on the situation on the global market, on a monthly basis, Deputy Prime Minister Alexander Novak told reporters.
"Now the voluntary decision to reduce oil production will be reviewed monthly to consider the possibility of deepening the reduction or increasing production, depending on the situation on the world market. The measure is in addition to the voluntary reduction previously announced by Russia in April 2023, which will last until the end of December 2024," he said.
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.
Concurrently, Moscow decided to slash oil supplies to global markets by another 500,000 barrels per day additionally to production cut obligations, whereas in September it started cutting supplies by 300,000 barrels per day. The measure was extended in September until the end of 2023.