Russia to continue with voluntary oil production cuts until 2024-end

Russian Energy Minister Alexander Novak announced Russia’s intention to extend a voluntary cut in oil production by 500,000 bpd until the end of December 2024 as a precautionary measure.

Novak’s remarks came as he attended an OPEC+ meeting in the Austrian capital Vienna, where he indicated that this voluntary cut from the required production level was agreed upon at the 35th OPEC+ ministerial meeting on June 4. , 2023.

OPEC+ countries are currently working to cut oil production by two million barrels per day until the end of 2023 as part of a deal. Meanwhile, in April, a number of coalition members, including Saudi Arabia, announced their intention to voluntarily reduce production by another 1.16 million barrels per day from May until the end of the year.

Russia, in turn, extended a voluntary cut of 500 million barrels per day, which began in March.

Source: RT

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