Russia to Decide in November on Deepening Oil Output Cut or Expanding Production - Novak

MOSCOW (Sputnik) - Russia will analyze the market in November to decide whether to deepen its oil output cut or increase production, Russian Deputy Prime Minister Alexander Novak said on Wednesday.

In March, Russia announced that it would voluntarily trim its oil production by 500,000 barrels per day from the February level of 9.95 million barrels per day until the end of December 2024. In early September, Novak said that the volume of voluntary reduction in Russia's oil production would be reviewed monthly depending on the situation on the global oil market. Russia has also extended its voluntary cut in oil exports by 300,000 barrels per day until the end of 2023.

"Russia will maintain the additional voluntary reduction by 300,000 barrels per day of supply to the world market until the end of December 2023, which took effect in September and October 2023. The market will be analyzed next month to decide whether to deepen the reduction or increase oil production," Novak said.

He added that the measure "comes on top of the voluntary cut previously announced by Russia in April 2023, which will last until the end of December 2024."

"The additional voluntary reduction is intended to reinforce the measures taken by OPEC+ countries to maintain the stability and balance on oil markets," Novak added.

Riyadh May Review Volume of Voluntary Cut in Oil Output in November

Saudi Arabia may reconsider the volume of voluntary reduction in oil production in November, the state-run Saudi Press Agency (SPA) reported on Wednesday, citing an official source in the Saudi Energy Ministry.

So far, it continues to reduce oil production by 1 million barrels per day, which the country began in July, until the end of the year, the news agency said.