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OPEC+ apart from new cuts will continue reducing output by 1.66 mbd by end of 2024 — Novak

The decision on additional voluntary cuts by a number of OPEC+ nations made at a meeting on November 30 is positive for the market, the minister noted

ABU DHABI, December 6. /TASS/. OPEC+ countries, apart from the recent decisions to cut crude output by 2.2 mln barrels per day (mbd) in Q1 2024, will continue voluntarily reducing production by 1.66 mbd by the end of next year, Russian Deputy Prime Minister Alexander Novak said.

"As a reminder, our agreements expire at the end of 2024. And the decisions taken in April on additional reduction by 1.66 mln barrels per day will remain in force by the end of 2024. Whereas during the upcoming winter period there will be additional cuts for balancing the market," he told reporters.

The decision on additional voluntary cuts by a number of OPEC+ nations made at a meeting on November 30 is positive for the market, Novak added. Amid low demand supplies to global markets will be reduced to bring the demand and supply into balance and ensure the stable operation of the oil sector, he noted. The official did not rule out possible revision of decisions taken by OPEC+ in the future either.

"In the current situation it is necessary to take a decision on lowering supply, though as demand goes up balancing decisions in the opposite direction will apparently be taken as well," he said.

On November 30, several OPEC+ countries made a decision on additional voluntary cuts in Q1 2024 by 2.2 mbd in total. Meanwhile Saudi Arabia has extended its voluntary output reduction by 1 mbd that has been in force since this summer, while Russia deepens the reduction of oil supplies by 200,000 barrels per day (bpd) to 500,000 bpd. The remaining participants of the agreement (Iraq, Kuwait, the UAE, Kazakhstan, Algeria and Oman) will reduce oil production by another 700,000 bpd.

Moreover, a number of OPEC+ member states, including Russia and Saudi Arabia, have been voluntarily reducing output totally by 1.66 mln barrels per day since this spring until the end of 2024.

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Alexander Novak

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