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OPEC+ to cut oil supplies by more than 2 mln bpd in 1Q 2024 — Russian deputy PM

"Saudi Arabia confirmed that in the first quarter of next year it will maintain a voluntary reduction of 1 million barrels per day," Alexander Novak added

MOSCOW, November 30. /TASS/. OPEC+ countries decided to cut oil supplies by more than 2 million barrels per day in the first quarter of 2024, Russian Deputy Prime Minister Alexander Novak said on the Rossiya-24 TV channel.

"Additional decisions were made on voluntary reductions (in oil supplies and production - TASS) in the amount of more than 2 million barrels per day," he said.

"Saudi Arabia confirmed that in the first quarter of next year it will maintain a voluntary reduction of 1 million barrels per day. Russia will increase the reduction in exports, which was voluntarily 300,000 barrels per day. For the first quarter we decided to increase this volume to 500,000 barrels per day. A number of other countries that are involved have also voluntarily announced that they will reduce production by another 700,000 barrels per day in the first quarter," Novak added.

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