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Russia to continue reducing oil exports additionally by end-2023

Alexander Novak said in September that Russia had decided to extend an additional voluntary reduction in oil supplies by 300,000 barrels per day until the end of this year

MOSCOW, October 4. /TASS/. Russia has taken a decision to continue reducing supplies of oil to global markets by 300,000 barrels per day to maintain the stability and balance of oil markets, Deputy Prime Minister Alexander Novak told reporters. Made earlier by the end of this year, the decision is revised each month.

"Russia will stick to voluntary reduction of supplies to global markets additionally by 300,000 barrels per day that took force in September and October 2023, by the end of December 2023," he said.

"The market will be analyzed next month for taking a decision on deepening the reduction or increasing oil production [supplies]. This comes as an addition to the voluntary reduction announced earlier by Russia in April 2023 that will last until the end of December 2024," Deputy PM added.

Novak said in September that Russia had decided to extend an additional voluntary reduction in oil supplies by 300,000 barrels per day until the end of this year.

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, 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.

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