Russia will extend its oil export cuts of 300,000 barrels per day until the end of 2023 to “maintain stability” on markets, Moscow’s top energy official said Tuesday.
The decision came as Saudi Arabia, part of the OPEC+ alliance of oil producers, announced it was extending a voluntary production cut of one million barrels per day.
“Russia will extend an additional voluntary reduction in oil supplies to world markets by 300,000 barrels per day until the end of December 2023,” Deputy Prime Minister Alexander Novak said.
He said that Moscow would review the cuts on a monthly basis to consider whether they should be deepened or whether production should be increased “depending on the global market situation”.
Moscow relies heavily on energy revenues and uses the price of oil to determine its budget, which has tilted towards military spending since the start of its offensive in Ukraine.
