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Russia to extend 300,000 b/d oil export cut to end of 2023

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Russia to extend 300,000 b/d oil export cut to end of 2023


Oil export levels to be reviewed monthly depending on market situation: Novak

Voluntary export cut aimed at maintaining 'stability and balance of oil markets'

  • Author
  • Rosemary Griffin
  • Editor
  • Jonathan Loades-Carter
  • Commodity
  • Oil

Russian Deputy Prime Minister and key OPEC+ negotiator Alexander Novak said Sept. 5 that Russia will extend a 300,000 b/d oil export cut until the end of 2023.

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"Now the voluntary decision to reduce oil production will be reviewed monthly to consider the possibility of deepening the reduction or increasing production, depending on the situation on the world market," Novak said.

Russia pledged a voluntary supply cut of 500,000 b/d for August and 300,000 b/d for September, as it seeks to bolster prices. The measure is in addition to a previous voluntary cut announced in April 2023, which will last until the end of December 2024.

The additional voluntary reduction of oil supplies for export is aimed at strengthening the precautionary measures taken by OPEC+ countries in order to maintain the stability and balance of oil markets, Novak said.

Russian production was flat on the month at 9.42 million b/d in July, as it continued to shift its flows eastward in response to an EU embargo and the G7 price cap.

Other OPEC+ producers added 1.2 million b/d in voluntary cuts from May, with Saudi Arabia unilaterally declaring an extra 1 million b/d cut for July, which has been extended through September.