Russia said on Thursday it would deepen its voluntary oil supply cut to 500,000 barrels per day (bpd) and extend it until the end of the first quarter of 2024.
Along with its OPEC+ oil partners, Russia has been holding back its oil output and exports in a bid to boost global prices.
Russia had previously pledged to cut exports by 300,000 bpd until the end of this year.
The extra cuts are intended to “maintain stability and balance in the oil market,” Deputy Prime Minister Alexander Novak said in a statement following a meeting of OPEC+ ministers.
Novak said Russia would cut its crude supply by 300,000 bpd and its refined oil products by 200,000 bpd based on benchmark levels from May and June 2023.
“Thereafter, to maintain market stability, these additional cuts will be gradually returned into the market at a speed dependent on market conditions,” Novak said in a statement issued by the Russian government.
Oil is Russia’s most important export product, generating tens of billions of dollars in revenue for the Kremlin each year.
After it launched its full-scale military offensive on Ukraine, the West has cut its own purchases of Russian oil and tried to limit Moscow’s ability to sell on the global market through an export price cap.
