Russia extends voluntary reduction of oil production by 500 thousand barrels per day until 2024

AK&M 05 June 2023 12:51

Russia will extend until the end of December 2024 a voluntary reduction in oil production by 500 thousand barrels per day. The corresponding statement by Deputy Prime Minister Alexander Novak was reported by the press service of the Cabinet of Ministers.

This decision was taken as a precautionary measure in coordination with the countries participating in the OPEC+ agreement, which previously announced a voluntary reduction in April.

The reduction in production will be carried out in comparison with the required level of production, as agreed at the 35th meeting of OPEC+ ministers on June 4, 2023.