FSUOGM: Russia extends 300,000 bpd output cut till end of year

Russia intends to extend its voluntary cut in oil exports of 300,000 barrels per day until the end of this year in order “to maintain stability and balance” on the market, Deputy Prime Minister Alexander Novak said on September 5.

Russia has been co-operating with Saudi Arabia on additional output reductions to those agreed by the OPEC+ group. Saudi Arabia will meanwhile maintain its own cut of 1mn bpd for another three months until the end of 2023, the state-run news agency SPA said.

OPEC+, on the other hand, announced a combined cut of 2mn bpd in October last year and 1.6mn bpd in May this year.

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