Russia will announce the new main parameters of a deal with its OPEC+ partners next week, Deputy Prime Minister Alexander Novak told President Vladimir Putin on Thursday.

It was not immediately clear which parameters could be revealed. Novak’s office declined additional comment.

At a televised government meeting, Putinasked Novak, his point man on oil, if he had agreed with OPEC+ partners to reduce the supply of oil.

Novak replied: “We have agreed, but we will announce the main parameters next week, publicly.”

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia, beganlimiting supplies in late-2022 to bolster the market and in June extended supply curbs into 2024.

Russia has said separately that it would cut oil exports by 500,000 barrels per day, or around 5% of its output, in August and by 300,000 bpd in September.

Novak said on Wednesday that Russia may extend the cuts into October , though it was too early to say definitively.
Source: Reuters (Reporting by Olesya Astakhova; Writing by Vladimir Soldatkin; editing by Guy Faulconbridge.)