“Russia will deepen its additional voluntary supply cut of 300 thousand barrels per day by an additional 200 thousand barrels per day to reach 500 thousand barrels per day, and extend this voluntary supply cut until the end of the first quarter of 2024 in coordination with some OPEC+ participating countries,” RF Vice Premier Alexander Novak said commenting the situation in the oil market.
On November 30 Novak, in his capacity as co-chairman, held the 36th ministerial meeting of the OPEC and non-OPEC countries via videoconference.
“This cut will be made from the average export levels of the months of May and June of 2023, and will consist of 300 thousand barrels a day of crude oil and 200 thousand barrels per day of refined products,” the RF Government press office quotes Novak as saying.
“Afterwards, in order to support market stability, these additional cut volumes will be returned gradually subject to market conditions”.
“This additional voluntary cut comes to reinforce the precautionary efforts made by OPEC+ countries with the aim of supporting the stability and balance of oil markets”.
“Russia also held a meeting with 5 of the approved secondary sources which assess production conformity in the OPEC+ agreement, and 5 export assessment agencies in order to facilitate the accuracy and reliability of their assessment which will continue to be done on a monthly basis,” Novak concluded.
Photo: RF Government press office