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Business News/ Markets / Commodities/ Russia extends oil output cut of 0.5 million bpd until end of 2024: Deputy PM Novak

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Russia extends oil output cut of 0.5 million bpd until end of 2024: Deputy PM Novak

1 min read 04 Jun 2023, 10:07 PM IST Join us

Reuters

‘This voluntary cut will be from the required production level, as agreed upon at the thirty-fifth ministerial meeting of OPEC Plus on June 4, 2023,’ Novak added.

Deputy Prime Minister of Russia Alexander Novak at the Organisation of the Petroleum Exporting Countries (OPEC) headquarters in Vienna, Austria. REUTERS/Lisa Leutner

Russia will extend its voluntary oil production cut of 500,000 barrels per day until the end of December 2024, Russian Deputy Prime Minister Alexander Novak said on Sunday after a meeting of OPEC group of leading oil producers.

The cuts will be as a precautionary measure, in coordination with the countries participating in the OPEC agreement, which had previously announced voluntary cuts in April, he added.

"This voluntary cut will be from the required production level, as agreed upon at the thirty-fifth ministerial meeting of OPEC Plus on June 4, 2023," Novak added.

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