The Russian Federation will increase the voluntary reduction of oil exports to foreign markets to 500 thousand barrels per day from 300 thousand barrels. This was stated by Russian Deputy Prime Minister Alexander Novak following the results of the ministerial meeting of OPEC and non-OPEC countries, the press service of the Cabinet of Ministers reported.
The supply reduction will be extended until the end of the first quarter of 2024. A number of other countries, according to A. Novak, have also announced that they will reduce their production by another 700 thousand barrels per day.
In the future, in order to maintain market stability, additional volumes of reduction will be gradually returned to the market at a pace depending on market conditions.
