Putin: Russia's voluntary cuts in oil output aimed at maintaining price environment on global market in talks with OPEC+

MOSCOW. May 17 (Interfax) - Russia's actions to reduce oil production voluntarily are aimed at maintaining a certain price environment on the global market in talks with OPEC+ partners, Russian President Vladimir Putin said at a meeting with government members.

"All our actions, including those on voluntary cuts in production [of oil], are linked to the need to maintain a certain price environment on global markets in talks and in contact with our OPEC+ partners," Putin said.

Earlier Russia announced that it would voluntarily reduce oil production by 500,000 bpd in March relative to February, after which this measure was extended until July and then through the end of the year.

Russia was later joined by other OPEC+ countries. Specifically, as of May 1, Saudi Arabia began cutting production by 500,000 bpd, Kazakhstan by 78,000 bpd, Iraq by 211,000 bpd, the UAE by 144,000 bpd, Kuwait by 128,000 bpd, Algeria by 48,000 bpd, Oman by 40,000 bpd and Gabon by 8,000 bpd. The total decline will be approximately 1.657 million bpd (1.2 million bpd excluding Russia). These countries will keep production at this level through the end of 2023.