Russia to continue voluntary cut of oil and oil product exports until year-end

Russia will continue the additional voluntary supply cut of 300,000 barrels per day from its crude oil and petroleum product exports until the end of December 2023 as previously announced, Deputy Prime Minister Alexander Novak said on Sunday.

Russia has 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 300,000 bpd until the end of this year.

According to Novak, Russia will consider next month whether to deepen its voluntary export cuts or increase production.