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Russia to slash oil, fuel supplies by 500,000 bpd from January — Novak

Russia will start moving towards delivering this indicator from the current goal of 300,000 bpd of export cuts as early as in December, the deputy prime minister noted

MOSCOW, December 5. /TASS/. Russia intends to honor commitments on the voluntary reduction of oil and fuel supplies within the OPEC+ framework by 500,000 barrels per day (bpd) since January 2024 in full scope, Deputy Prime Minister Alexander Novak told TASS.

"Russia fully confirms on its part the commitment to agreements on the additional voluntary reduction of oil and petroleum products exports by 500,000 barrels per day, starting from January 2024 [300,000 bpd of oil and 200,000 bpd of petroleum products - TASS]. I can note we will start moving towards delivering this indicator from the current goal of 300,000 bpd of export cuts as early as in December," Novak said.

Russia will continue interacting with independent sources for the correct assessment of the oil market status after voluntary cuts of supplies, the Deputy Prime Minister noted. "We will continue working with independent sources, so that they can correctly assess the market condition in view of voluntary constraints," he added.

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Alexander Novak OPEC

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