Novak: Russia has reached agreement with OPEC+ on new reduction in oil exports, details next week

MOSCOW. August 31 (Interfax) - Russia and OPEC+ countries have reached their latest agreement on reducing Russian oil supply to world markets, Deputy Prime Minister Alexander Novak said during a meeting between President Vladimir Putin and cabinet ministers on the Krasnoyarsk Territory's development.

Asked by the head of state whether it had been possible to come to an agreement with OPEC+ partners on reducing oil supplies to foreign markets, Novak said: "Yes, we did, but we will announce the main parameters next week, publicly."

Novak said on August 30 that Russia and OPEC+ partners were discussing the possibility of Russia extending the cut in its own oil exports into October.

For the first time, Russia announced a voluntary 500,000 bpd reduction in shipments to the world market starting August 1. In September, it was decided to reduce shipments by 300,000 bpd.

Novak said the average level in May-June would serve as the basis for the reduction in supplies to international markets.