3 Apr 2023 15:25

Novak: other OPEC+ countries may also voluntarily cut oil production if they choose

MOSCOW. April 3 (Interfax) - OPEC+ countries not currently participating in voluntary cuts in oil production from May to December 2023 can join this measure if they deem it appropriate, Russian Deputy Prime Minister Alexander Novak said on the Rossiya 24 TV channel following a meeting of the OPEC+ Monitoring Committee.

As reported, on Sunday, a number of OPEC+ countries announced agreed voluntary reductions in oil production, and Russia extended its decision to reduce oil production by 500,000 bpd by February, which was in effect until July, until year-end.

As a result, the total decline in oil production starting in May will be approximately 1.657 million bpd: Saudi Arabia - 500,000 bpd, Kazakhstan - 78,000 bpd, Iraq - 211,000 bpd, UAE - 144,000 bpd, Kuwait - 128,000 bpd, Algeria - 48,000 bpd, Oman - 40,000 bpd and Gabon - 8,000 bpd.

The plans of each country roughly correspond to the reduction quotas for a cumulative reduction in production for all OPEC+ countries of 2 million bpd.

Other countries can also join in the cuts if they wish, Novak said.

"Yes, since nine countries, including Russia, Saudi Arabia, and, as you know, we have 23 countries in OPEC +, today; in principle, they said that other countries could also join in and announce some additional cuts of their own, if they deem it, of course, necessary and a requirement to stabilize the market. But these are voluntary decisions only," he said.