Russian Deputy Prime Minister Alexander Novak said that Russia will extend its voluntary oil supply to world markets by another 300,000 barrels a day until the end of December 2023. In this respect says On the Telegram channel of the Russian government.
“Now the voluntary decision to reduce oil production will be reviewed monthly to assess the possibility of a reduction or increase in production depending on the situation in the global market,” the message said.
It was noted that the additional voluntary cut in oil supply for export aims to strengthen the precautionary measures taken by OPEC+ countries to maintain stability and balance in oil markets.
Russia in September continued The voluntary decrease in oil exports to world markets, which started in August, is now about 300,000 barrels per day. According to Novak, Moscow was supposed to reduce oil exports by 500,000 barrels per day in August, in addition to the previously announced production cut. To fulfill this task, oil companies have to decide for themselves whether to reduce their production or their exports. Novak later announced the extension of this measure until September, but now the reduction should be 300,000 bpd.
According to Sergey Kolobanov, Deputy Director of the TsSR Center for the Economy of the Fuel and Energy Sectors, such a measure will be necessary, “beneficial” to keep oil prices at the desired level.
Igor Yushkov, former principal analyst of the National Energy Security Fund declarationWe think that the price of reference North Sea brand Brent will fluctuate in the $80-$90 corridor in the near future.