4 Oct 2023 12:13

Russia maintaining plans to cut oil exports by 300,000 bpd until end of 2023; will assess changes in production volumes in Nov - deputy PM

MOSCOW. Oct 4 (Interfax) - Russia remains committed to voluntarily cutting oil supplies to global markets by 300,000 barrels per day until the end of the year, and the government intends in November to evaluate possibly boosting or reducing oil output, Deputy Prime Minister Alexander Novak told reporters.

"Russia will continue the additional voluntary reduction in supplies to global markets by 300,000 bpd until the end of December 2023, which entered into force in September and October 2023," Novak said.

"There will be an analysis of the market next month in order to take a decision on furthering the reduction or increasing oil production," Novak emphasized.

Novak recalled that the measure is in addition to the voluntary cut in reduction of 500,000 bpd announced in April, which will last until the end of 2024.

Russia first began voluntarily reducing oil supplies to the global market by 500,000 bpd on August 1, and then decided in September to cut supplies by 300,000 bpd and extend the measure until the end of the year. According to Novak, the average level of exports in May-June is the baseline for the reduction.