Alexander Novak at the 35th OPEC+ ministerial meeting
Russia will extend its voluntary cut in oil production by 500,000 barrels per day until the end of December 2024. This is a precautionary measure taken in coordination with the countries participating in the OPEC+ agreement, which previously announced voluntary oil cuts in April.
This voluntary oil cut will be carried out against the required production level as agreed at the 35th OPEC+ ministerial meeting on 4 June 2023.