7 Nov 2023 09:35

Russia to continue cutting oil, oil products supplies by 300,000 bpd until yearend, decision to be reviewed in Dec - Deputy PM Novak

MOSCOW. Nov 7 (Interfax) - Russia will continue the additional voluntary reduction of oil and oil products supplies to the global markets by 300,000 barrels per day, which came into effect in September and October 2023, until the end of 2023, Russian Deputy Prime Minister Alexander Novak told reporters on Sunday.

"Next month, the market will be scrutinized in order to make a decision on whether or not to expand the cuts or increase the oil production. This is an add-on to the voluntary reduction previously announced by Russia in April 2023, which will last until the end of December 2024," he said.

"The additional voluntary cuts are intended to bolster the measures taken by the OPEC+ countries to maintain the stability and balance of oil markets," Novak added.

Novak made a similar statement in early October, but without specifying whether he was referring to a reduction in supplies of only oil or also oil products. A decision could be reviewed in November, this thus implies preserving the decision on the volume of reduction at 300,000 bpd, he also said.

However, the Russian Energy Ministry said on November 3 that according to forecasts, exports of oil and oil products from Russia in November will be cut by over 300,000 bpd compared to the average level of May-June 2023, which was chosen as an indicative level for a voluntary reduction in exports of oil and oil products.

The OPEC+ ministerial meeting will take place on November 26.