Russian Deputy Prime Minister Alexander Novak said that Russia will continue the additional voluntary supply cut of 300 thousand barrels per day from its exports to global markets, which has gone into implementation in September and october 2023, until the end of December 2023. He stated that this voluntary cut decision will be reviewed next month to consider deepening the cut or increasing production. he also noted that this cut is in addition to the voluntary cut previously announced by Russia in April 2023, which extends until the end of December 2024.
Mr. Novak confirmed that this additional voluntary cut comes to reinforce the precautionary efforts made by OPEC Plus countries with the aim of supporting the stability and balance of oil markets.
