Russia will begin further limiting oil production in December as part of the new OPEC+ deal. This was stated by Deputy Prime Minister Alexander Novak. TASS.
According to him, the alliance’s decision to reduce production by 2.2 million barrels per day in the first quarter of 2023 will allow the period when oil demand is low to pass smoothly.
In return, Russia will limit its oil exports to 300 thousand barrels per day and its exports of petroleum products to 200 thousand barrels. It will fully fulfill its obligations under OPEC+ as of January.
According to the agreements made between OPEC+ countries accepted On November 30, Russia will reduce oil exports to the world market by 300 thousand barrels per day and oil products by 200 thousand barrels per day.
Saudi Arabia will continue to reduce its oil production by 1 million barrels per day, and some alliance countries, including Iraq, Oman and Kazakhstan, will continue to reduce its oil production by a total of 700 thousand barrels per day.
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