23 Mar 2023 17:07

Global oil market situation quite changeable and volatile - Russian Dep PM Novak

MOSCOW. March 23 (Interfax) - The global oil market is currently prone to volatility, and Russia and other OPEC + countries continue to monitor the situation, Russian Deputy Prime Minister Alexander Novak said in an interview with Rossiya-24 TV channel.

"The latest decisions that we made at the end of last year, together with other countries that are members of OPEC +, were to extend the approved cutback of 2 million barrels per day until the end of 2023. We will be looking at the market situation. It is quite changeable and volatile," Novak said.

He also recalled Russia's reduction of oil production by 500,000 barrels per day, which will be in effect from March to June inclusive. This decision is due to the intention to lower the discount on Russian oil, as well as to ensure steady exports, given the situation that is emerging, he said.