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RUSSIA has agreed with Opec+ partners to reduce the export of oil and will announce the new main parameters next week, Deputy Prime Minister Alexander Novak told President Vladimir Putin yesterday.
Russia, the world’s second largest oil exporter, has been cutting output and exports in tandem with Saudi Arabia on top of existing Opec+ reductions so the signal from Moscow indicates both nations may extend those voluntary cuts into October.
Putin asked Novak, his point man on oil, at a televised government meeting if he had agreed with Opec+ partners to reduce the supply of oil to world markets. Novak replied: “We have agreed, but we will announce the main parameters next week, publicly.” It was not immediately clear which parameters could be revealed and Novak’s office declined additional comment.
The Organisation of the Petroleum Exporting Countries (Opec) and its allies, led by Russia, began limiting supplies in late2022 to bolster the market and in June extended supply curbs into 2024. Russia has said separately that it would cut oil exports by 500,000 barrels per day, or around five per cent of its output, in August and by 300,000 bpd this month.
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