Russia to Extend Voluntary Cut in Oil Exports by 300,000 Bpd Until Year-End

MOSCOW (Sputnik) - Russia will extend its voluntary cut in oil exports by 300,000 barrels per day until the end of 2023, Deputy Prime Minister Alexander Novak said on Tuesday.

"Russia will extend an additional voluntary reduction in oil supplies to world markets by 300,000 barrels per day until the end of December 2023," Novak said, adding that the reduction is aimed at "strengthening the precautionary measures taken by the OPEC+ countries in order to maintain stability and balance in the oil markets."

The volume of voluntary reduction in Russia’s oil production will be reviewed monthly depending on the situation on the global oil market, Deputy Prime Minister Alexander Novak said on Tuesday.

In March, Russia announced that it will voluntarily cut its oil production by 500,000 barrels per day from the February level of 9.95 million barrels per day. In April, Russia said that it will extend its voluntarily reduction until year-end.

"Now the voluntary decision to reduce oil production will be reviewed monthly to consider the possibility of deepening the reduction or increasing the production, depending on the situation in the global market. The measure is in addition to a voluntary cut previously announced by Russia in April 2023, which will last until the end of December 2024," Novak said.

Saudi Arabia to Extend Voluntary Cut of Oil Production

Saudi Arabia will extend the voluntary reduction of oil production by one million barrels per day, which began in July, until the end of the year, the state-run news agency reported on Tuesday, citing a source in the Energy Ministry.

The kingdom's production in the coming months — October, November and December — will be approximately 9 million barrels per day, the news agency said, citing an official ministerial source.

This voluntary reduction will be reviewed monthly, if necessary, oil production can be reduced or increased, the report said.