Russian Deputy Prime Minister Alexander Novak said today, Tuesday, that his country will continue to cut oil production by 500,000 barrels per day until the end of June 2023.
“Russia is currently close to achieving the target level of production cuts… and it will reach it within days,” Novak added, referring to his announcement last month to reduce Russian production by 500,000 barrels per day, starting from this March.
And he added, “According to the current market situation, the decision to voluntarily reduce production by 500,000 barrels per day will be valid until June 2023.”
Novak said in a statement that the global oil market was under unprecedented pressure, referring to the decision of Western countries to impose an embargo on Russian oil and what he called dangerous attempts to impose a price ceiling on Russian oil.
Russia’s unilateral reduction in production comes in addition to the agreement of the OPEC + group, which includes the Organization of the Petroleum Exporting Countries and allies led by Russia.
And last October, the group agreed to significant production cuts of two million barrels per day from November until the end of 2023, despite calls to increase production from major consumers.
A high-level ministerial committee from the group is scheduled to meet on April 3rd to discuss market conditions, and all ministers will meet on June 4th.
