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Russia to extend oil production cuts by 500,000 barrels per day until yearend — deputy PM

According to Deputy Prime Minister Alexander Novak, the global oil market is living through a period of high volatility and unpredictability

© Yuri Smityuk/TASS

MOSCOW, April 2. /TASS/. Russian will extend its voluntary oil production reduction by 500,000 barrels per day from February’s average output until the end of 2023, Russian Deputy Prime Minister Alexander Novak said on Sunday.

"As responsible and preemptive actions, Russia will extend its voluntary oil production reduction by 500,000 barrels a day until the end of 2023 from the average production level in February established in conformity with independent sources," he said in a statement posed on the Russian government’s website.

According to Novak, the global oil market is living through a period of high volatility and unpredictability due to the continuing banking crisis in the United States and Europe, the global economic uncertainty and unpredictable and short-sighted decisions in the energy policy. "Predictability on the global oil market is a key element of energy security," he stressed.

Earlier in the day, several OPEC+ countries announced voluntary production cuts: Saudi Arabia - by 500,000 barrels a day from May until the yearend, the United Arab Emirates - by 144,000 barrels a day, Iraq - by 211,000 barrels a day, Kuwait - by 128,000 barrels a day, Oman - by 40,000 barrels a day, Algeria - by 48,000 barrels a day, and Kazakhstan - by 78,000 barrels a day.

Russia began to reduce daily oil production by 500,000 barrels in March. Later, Novak said that the cuts would be extended until late June in a bid to ensure stable supplies and reduce discounts on Russian oil.

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