MOSCOW, December 17. /TASS/. Russia may increase oil production cuts in December 2023 above the current 300,000 barrels per day (bpd) by 50,000 bpd or higher, Russian Deputy Prime Minister Alexander Novak told reporters.

"In December we will add additional volumes. The figure will be more than 300,000. We will decide based on the results of December. Maybe the additional volume will reach 50,000 barrels. Maybe more," he said.

As for the reduction in oil production volumes, they remain the same: 500,000 bpd in both December and January. "In December, production will be in accordance with the [OPEC+] agreement - 500,000 bpd less in accordance with our established quotas," he noted.

The Deputy Prime Minister also said that Russian production complies with the obligations undertaken within OPEC+. According to him, in December the production level was 500,000 bpd lower "in accordance with plans", which also continues in January.