Novak spoke about the decision of Russia to extend the voluntary reduction in oil production

Russia extends voluntary oil production cut by 500,000 bbl. per day until the end of next year. This was stated by the Deputy Prime Minister of the Russian Federation Alexander Novak, writes “RIA News”.

“Russia will extend voluntary cuts by 500,000 bbl. per day until the end of December 2024 as a precautionary measure in agreement with the countries participating in the OPEC + agreement,” the Deputy Prime Minister said.

Novak noted that the reduction will be made from the level of production that was approved today, June 4, as part of the 35th meeting of OPEC and non-member countries.

Members of the OPEC+ agreement Deal on reducing the overall level of oil production from 2024 to 40.46 million barrels per day, according to a document following the meeting. It follows that Russia should adjust oil production from next year to 9.828 million barrels per day.

Production levels of other countries were: Saudi Arabia – 10.478 million bbl/d, Iraq – 4.431 mln bbl/d, Kazakhstan – 1.628 mln bbl/d, Nigeria – 1.38 mln bbl/d, Angola – 1.28 bbl/day, Azerbaijan – 0.551 mln bbl/d, etc.

April 2 Novak declaredthat Russia is implementing a voluntary cut in oil production by 500,000 barrels per day before the end of this year. According to the Deputy Prime Minister, the global oil market is now experiencing a period of high volatility and unpredictability. This is due, he said, to the ongoing banking crisis in the US and Europe, global economic uncertainty, as well as “unpredictable and short-sighted” energy policy decisions.