Russia to extend voluntary 300,000 bpd reduction in oil exports through end of 2023

MOSCOW. Sept 5 (Interfax) - Russia will extend its voluntary cut in oil shipments to world markets by 300,000 barrels per day through the end of this year, Russian Deputy Prime Minister Alexander Novak told reporters.

"Russia will extend its additional voluntary cut in oil supplies to world markets of 300,000 bpd until the end of December 2023," Novak said.

"Now the voluntary decision to reduce oil production will be reviewed on a monthly basis to consider the possibility of deepening the reduction or increasing production, depending on the situation on the world market," the deputy prime minister said.

The measure to voluntarily reduce exports is in addition to the voluntary reduction in oil production of 500,000 bpd announced in April, which is to last until the end of 2024, he said.

According to Novak, the reduction in Russian oil shipments to world markets is aimed "at strengthening the precautionary measures taken by the OPEC+ countries in order to maintain stability and balance in the oil markets."

Russia first initiated a voluntary reduction in oil shipments of 500,000 bpd to world markets as of August 1. In September, a decision was made to reduce them by 300,000 bpd. The base for the decline, according to Novak, is the average level of exports in May-June.