MOSCOW, November 3. /TASS/. Russia will reduce the export of oil and petroleum products in November by more than 300,000 bpd to the average level of May-June, the Energy Ministry reported.

"The Russian Energy Ministry predicts that in November 2023, the export of oil and petroleum products will decrease by more than 300,000 barrels per day, compared with the average value of May-June 2023, chosen as an indicative level for a voluntary reduction in the export of oil and petroleum products. In accordance with this forecast, the Russian Energy Ministry will clarify export schedules for the fourth quarter of 2023," the ministry said in a statement.

The Energy Ministry stresses that Russia continues to fully participate in the voluntary efforts of OPEC and OPEC+ to stabilize the market and is implementing the agreement on oil production.

Since September, Russia has been implementing its voluntary obligations as part of the OPEC+ to reduce oil supplies to external markets in the amount of 300,000 barrels per day to the average value of May-June 2023.

Back in March, Russia began to voluntarily cut oil production by 500,000 thousand barrels per day from the February average. This production reduction was extended several times - first until and through June, then until the end of 2023. After the OPEC+ meeting on June 4 in Vienna, the decision to voluntarily cut production was extended until the end of 2024.