Russia will consider next month whether to deepen its voluntary oil production cuts or increase output, while separately continuing its current export cuts until the end of the year, Deputy Prime Minister Alexander Novak said on Wednesday.

Russia has agreed to undertake two separate reductions in oil supply: in April it decided to cut crude output by 500,000 bpd until the end of 2024, while in August it said it would reduce exports by 300,000 bpd until the end of this year.

Novak said on Wednesday that Russia will continue the voluntary export cut of 300,000 bpd until the end of December, as previously announced.

On output, he said: “Next month, a market analysis will be carried out in order to make a decision on whether to deepen the reduction or increase oil production.

“This is in addition to the voluntary reduction previously announced by Russia in April 2023, which will last until the end of December 2024.”

Novak reiterated that Russia’s additional voluntary cut is aimed at reinforcing efforts by OPEC+ countries to maintain stability and balance on oil markets.
Source: Reuters (Reporting by Vladimir Soldatkin; Editing by Mark Trevelyan)