12/5/2023, 3:27 PM (Source: TeleTrader)
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Novak: Russia to fulfill OPEC+ oil cut obligations

Russian Deputy Prime Minister Alexander Novak said on Tuesday that Russia intends to fully comply with voluntary oil output cuts announced by OPEC+ last week. He confirmed that Russia stands ready to implement further supply cuts in the first quarter of 2024 "to eliminate speculation and volatility."

Novak said Russia will start tightening restrictions on oil and fuel supply as early as December. Last week, he said the supply of oil will be reduced by another 200,000 barrels per day, with total cuts amounting to 500,000 bpd.

Baha Breaking News (BBN) / DJ