Russia has extended its voluntary oil production cut by 500,000 barrels per day (b/d) until the end of 2023. Deputy Prime Minister Alexander Novak said, his words son Russian government press service. Six other countries have also decided to reduce the volume of raw material production.
“Russia is implementing a voluntary reduction of 500,000 barrels per day until the end of 2023,” Novak said. We are talking about a reduction from the average level of production in February, he said.
This decision was made due to the fact that the world oil market “is going through a period of high volatility and unpredictability”, which has been the result of “the banking crisis in the United States and Europe, economic uncertainty world and unpredictable energy policy decisions,” the Deputy Prime Minister explained.
“The predictability of the global oil market is key to ensuring energy security,” Novak added.
The fact that Russia in March will reduce production by 500,000 barrels per day, the Deputy Prime Minister said announcement in February. Subsequently, this measure was extended until July 2023.
Who else extended the cut in oil production
Additionally, along with Russia, six other countries have announced oil production cuts, transmits Reuters, citing official state statements:
Iraq will cut production by 211,000 bpd; WATER – 144,000 bpd; Kuwait — 128,000 bpd; Kazakhstan — 78,000 bpd; Algeria — 48,000 bpd; Oman – by 40,000 bpd.
How noted at the Ministry of Energy of Kazakhstan, this decision was taken on top of the oil cut of 2 million bpd per day, which OPEC+ agreed to in October 2022. That too will be valid all year 2023.
