Russia to extend voluntary oil production cut - Novak

Russia will extend its voluntary 500,000 b/d oil production cut by until the end of December 2024, Deputy Prime Minister Alexander Novak said.

PHOTO: Alexander Novak at the 35th OPEC+ ministerial meeting. Government of Russia

Novak was speaking to the Rossiya-24 TV channel after the latest OPEC+ meeting on 4 June, according to Russian state media agency TASS.

OPEC countries and its allies decided to lower the production targets for Russia, Angola, Congo and Nigeria in order to align them with the group’s existing output levels at the OPEC+ meeting on Sunday.

“The agreement has performance above the target lately because there is a range of countries not taking up their quotas,” Novak said. He further mentioned that OPEC+ countries have cut down production by 3.66 million b/d since October 2022 to maintain stability in the global oil market.

Novak also said that third-party sourced data on OPEC+ reduction cuts since May will be available in mid-June.

In a separate official statement, Novak said that Russia will adjust its production level to 9.82 million b/d and will extend the voluntary reduction by 500,000 b/d until the end of December 2024. He further commented that the terms of the production cut deal are being “over-fulfilled.”

“The terms of the voluntary agreement to cut production, which came into force in May 2023, are being implemented as well,” Novak added.

By Aparupa Mazumder 

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