Russia says no proposals to adjust OPEC+ oil deal

MOSCOW, Mar 23 (PRIME) -- Russia has not received any proposals to adjust the OPEC+ oil output reduction deal, the members of the alliance plan to adhere to the existing agreements in effect until the end of the year, Deputy Prime Minister Alexander Novak told reporters on Thursday.

“I have not received any proposals from our partners,” he said. “Everyone aims to comply with the agreements. Our restriction will be in effect until the end of the year.”

He said that Russia would reduce its oil production in March by 500,000 barrels per day from the February level of 10.2 million barrels per day. This will make Russia’s oil output equal 9.7 million barrels per day starting from April.

The Russian oil refining market is stable, the internal market has enough oil products, and exports were redirected to the friendly countries, Novak said.

The recent contraction of the oil prices in the world was caused by the U.S. banking crisis, but it should return to the previous level shortly, he said, adding that the discount of the price of Russia’s Urals export oil blend to the Brent oil price fell by U.S. $8 per barrel as of mid-March as compared with mid-January, and that it should narrow down further.

Novak also said that Russia exported around 67 million tonnes of oil to China in 2022, almost a third of Russia’s combined oil exports, and that the figure would only grow in the future.

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