5th June 2023 – (Moscow) Russian Deputy Prime Minister Alexander Novak announced on Sunday that Russia will extend its voluntary oil production cut of 500,000 barrels per day until the end of 2024. Novak said in a statement to Russia’s TASS news agency that this was a precautionary measure in coordination with the countries participating in the OPEC+ agreement, which announced voluntary cuts in April.
Russia’s quota, determined by the OPEC+ meeting, is set at 9.828 million barrels daily. However, as Russia confirmed that the figure does not include voluntary cuts, the country will reduce its production to 9.328 million barrels per day in 2024.
Novak believes that the decision by OPEC+ to extend the current agreement until 2024, along with the voluntary production cuts by several countries, will make the market more predictable for the next 18 months. The move is expected to help stabilise oil prices, which have been volatile due to the pandemic and fluctuations in supply and demand.