MOSCOW (Reuters) – Russia will extend its plan to cut oil production by 500,000 barrels per day (bpd) until the end of the year, Deputy Prime Minister Alexander Novak said on Sunday.
The move was announced minutes after Saudi Arabia, Kuwait, Oman, Iraq and the United Arab Emirates announced plans to also cut production until the end of the year.
Russia is among the allies of the Organization of the Petroleum Exporting Countries (OPEC) in the group called OPEC+.
“Acting as a responsible market player and as part of the precautionary measures against greater market volatility, the Russian Federation will implement a voluntary production cut of 500,000 barrels per day until the end of 2023. based on the average production level estimated by the sources for the month of February,” wrote Alexander Novak in a press release.
Russia’s production cut program was initially put in place on Feb. 10 and with Sunday’s announcement it will be its second extension, following the March 21 one, which was due to expire at the end of June.
(Report Olesya Astakhova and Marina Bobrova; Claude Chendjou)
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