Russia extends a voluntary reduction in oil production

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Russia announced the extension of the decision to voluntarily reduce crude oil production by 300,000 barrels per day until it ends next December.

The previous decision was to end the voluntary reduction in crude oil production on September 30, which began at the beginning of this month.

Russian Deputy Prime Minister Alexander Novak said in a statement on Tuesday evening that his country decided to extend the reduction until the end of this year instead of the end of September to achieve greater stability in the global energy market.

He added that Russia will review the size of the voluntary reduction in oil production by increase or decrease on a monthly basis during the coming period, depending on the situation in the global market.

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This reduction is in addition to the voluntary reduction in its oil production by 500,000 barrels per day, which began at the beginning of last March and ends in December 2024.

These two voluntary cuts do not include Russia’s share of the OPEC+ production cut, which was implemented at the beginning of last November and will continue until the end of 2024 by 500,000 barrels per day.

Yesterday, Tuesday, the Saudi Ministry of Energy announced the extension of the Kingdom’s voluntary reduction of one million barrels per day for another three months to include the period from October until the end of December 2023.

The previous agreement stipulated that the voluntary reduction would end at the end of this September.