TASS – According to the Russian Deputy Prime Minister, in December they will analyze the market to decide to deepen the reduction or increase in the production of oil products
Read Original: https://tass.ru/ekonomika/19208877
Moscow, November 5. /TASS/. Russia will continue until the end of 2023 an additional voluntary reduction in oil and oil products for world markets by 300 thousand barrels per day (b/s). This was reported to reporters by Deputy Prime Minister of the Russian Federation Alexander Novak.
“Russia will continue until the end of December 2023 an additional voluntary reduction in oil and oil products for world markets by 300 thousand barrels per day, which entered into force in September and October 2023,” he said.
Novak added that next month the market will be analyzed to decide on the deepening of reduction or increase in oil production. This measure is additional to the voluntary reduction in production of 500 thousand b/s, previously declared Russia in April 2023, which will last until the end of December 2024.
The Deputy Prime Minister also emphasized that the additional voluntary reduction is designed to strengthen the measures of OPEC+ countries to maintain stability and balance of oil markets.
In March, Russia began a voluntary reduction in oil production by 500 thousand b/s from the average February values. The validity of this reduction was extended several times – first in June inclusive, then until the end of 2023. And after the meeting of OPEC+, which was held on June 4 in Vienna, the decision to voluntarily reduce production was extended until the end of 2024.
In parallel, Russia decided to reduce oil supplies to the world market in August by another 500 thousand b/ s in addition to the obligations to reduce production, and in September began to reduce supplies by 300 thousand b/ s. In September, this measure was extended until the end of 2023. At the same time, Russia monthly reviews the volume of voluntary reduction of oil production in the direction of increase or decrease depending on the situation in the world market.
WtR