Novak says Russia to extend 500000 bpd oil production cut until end of year – Reuters.com
- Date: 02-Apr-2023
- Source: Reuters
- Sector:Oil & Gas
- Country:Saudi Arabia
Novak says Russia to extend 500000 bpd oil production cut until end of year – Reuters.com
MOSCOW, April 2 (Reuters) - Russia will extend a 500,000 barrels per day (bpd) oil production cut until the end of the year, Deputy Prime Minister Alexander Novak said on Sunday.
Russia announced the move within minutes of statements by Saudi Arabia, Kuwait, Oman, Iraq and the United Arab Emirates that they were also reducing output until the end of the year. Russia is part of OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies.
"Acting as a responsible market participant and as a precautionary measure against further market volatility, the Russian Federation will implement a voluntary cut of 500 thousand barrels per day till the end of 2023, from the average production level as assessed by the secondary sources for the month of February," Novak said in a statement.
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