On the 5th, the Russian government website announced that Deputy Prime Minister Novak of Russia has announced that in order to maintain stability and balance in the oil market, Russia will continue to extend the voluntary reduction of 300000 barrels of oil and daily oil product exports until the end of December this year.
Novak said that this measure was implemented in September and October of this year. Russia will conduct market analysis next month to decide whether to further reduce or increase oil production.
In February of this year, Russia announced a reduction of 500000 barrels of daily crude oil production starting from March, and this decision was subsequently extended until the end of 2024. In September this year, Russia announced a voluntary additional reduction of 300000 barrels per day in oil exports until the end of the year, and will review the decision to voluntarily reduce oil production on a monthly basis to consider the possibility of further reducing or increasing production based on international market conditions.
