Russia to continue voluntary cut of oil and oil product exports until year-end

MOSCOW (Reuters) – Russia will continue the additional voluntary supply cut of 300,000 barrels per day from its crude oil and petroleum product exports until the end of December 2023 as previously announced, Deputy Prime Minister Alexander Novak said on Sunday.

Russia has agreed to undertake two separate reductions in oil supply: in April it decided to cut crude output by 500,000 barrels per day (bpd) until the end of 2024, while in August it said it would reduce exports by 300,000 bpd until the end of this year.

“The additional voluntary cut is intended to strengthen the measures taken by OPEC+ countries to maintain the stability and balance of oil markets,” Novak said.

According to him, Russia will consider next month whether to deepen its voluntary export cuts or increase production.

Saudi Arabia will continue with its voluntary output cut of 1 million barrels per day (bpd) until the end of December, an official source at the ministry of energy said on Sunday.

(Reporting by Olesya Astakhova; editing by Guy Faulconbridge; Writing by Maxim Rodionov; editing by Guy Faulconbridge)