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Alexander Novak's statement on extending voluntary oil output cuts to 2024

RUSSIA, June 4 - Alexander Novak at the 35th OPEC+ ministerial meeting

Russia will extend its voluntary cut in oil production by 500,000 barrels per day until the end of December 2024. This is a precautionary measure taken in coordination with the countries participating in the OPEC+ agreement, which previously announced voluntary oil cuts in April.

This voluntary oil cut will be carried out against the required production level as agreed at the 35th OPEC+ ministerial meeting on 4 June 2023.

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