Russia will extend its voluntary oil production cut of 500,000 barrels per day until the end of December 2024, Russian Deputy Prime Minister said on Sunday after a meeting of OPEC+ group of leading oil producers.

Iran PressEurope: The cuts will be as a precautionary measure, in coordination with the countries participating in the OPEC+ agreement, which had previously announced voluntary cuts in April, Alexander Novak said.

“This voluntary cut will be from the required production level, as agreed upon at the thirty-fifth ministerial meeting of OPEC Plus on June 4, 2023,” Novak added. 

Russia's quota, determined by the OPEC+ meeting, is set at 9.828 million barrels daily. But as Russia confirmed that the figure does not include voluntary cuts, the country will reduce its production to 9.328 million barrels per day in 2024.

According to Novak, the decision by OPEC+ to extend the current agreement to 2024 and the voluntary production cuts by several countries will make the market more predictable for the next 18 months.


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