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11/30/2023, 6:21 PM (Source: TeleTrader)
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Novak: Russia to cut oil supply by another 200,000 bpd

Russia's Deputy Prime Minister Alexander Novak (pictured front) announced on Thursday that the country will reduce the supply of oil by another 200,000 barrels per day, with total cuts amounting to 500,000 bpd.

Russia's exports for May and June 2023 will be taken as a referential value from which reductions will be carried out, he said in a statement. There will be a 300,000 bpd cut to crude oil export and a 200,000 bpd reduction in the export of refined products, he explained.

The measures will remain in place at least until the end of the first quarter of 2024 and were coordinated with the Organization of Petroleum Exporting Countries and other allied producers, Novak also noted.

Baha Breaking News (BBN) / MS