Russia will deepen additional voluntary reduction in oil supplies to 500 thousand barrels per day, and also extends it until the end of the first quarter of 2024. Deputy Prime Minister of the Russian Federation Alexander Novak spoke about this on Thursday, November 30.
As specified in the Telegram channel of the Russian government, the reduction will be calculated based on the average level of exports for May and June 2023 and will amount to 300 thousand barrels of oil and 200 thousand barrels of petroleum products daily.
These measures are being taken in coordination with some OPEC+ countries, Novak said in a statement.
Previously, Kremlin Speaker Dmitry Peskov, commenting on Moscow’s contacts with partners according to OPEC+ on reducing oil production in order to maintain a certain level of prices for black gold, emphasized that “this is a delicate, responsible job.”
The International Energy Agency (IEA) predicts an oil shortage on the world market in the near future. It is assumed that Brent quotes, which have not recently fallen below $80 per barrel, may soar significantly above this level.