Russia has confirmed it is to continue to cut its crude oil and petroleum products exports until the end of December this year as it said it would, according to Deputy Prime Minister, Alexander Novak.
Speaking on Sunday, Novak said Russia had agreed to undertake two separate reductions in oil supply: in April it decided to cut crude output by 500 000 barrels per day (bpd) until the end of 2024, while in August it said it would reduce exports by 300 000bpd until the end of this year.
“The additional voluntary cut is intended to strengthen the measures taken by the Organisation of Petroleum Exporting Countries (Opec) to maintain the stability and balance of oil markets,” Novak said.
Russia would re-examine the depth of its voluntary export cuts or increase production into 2024, he added.
Meanwhile, Saudi Arabia is to continue with its voluntary cut of a million bpd, the country’s ministry of energy said in a statement. Saudi Arabia, the de-facto leader of Opec, first made its cuts in July as an addition to a broad supply-limiting deal first agreed to by some crude oil exporting countries in April this year.
In September, the kingdom said it would extend its additional voluntary cut until the end of the year, and then review the decision monthly.
Source: Reuters
