Russia says to prolong oil output cut of 300,000 bpd till 2024

MOSCOW, Sep 5 (PRIME) -- Russia will prolong its voluntary oil output cut, currently at 300,000 barrels per day (bpd), until the end of the year, Deputy Prime Minister Alexander Novak said on Tuesday.

"Russia will prolong the additional voluntary reduction of oil supplies to the global markets by 300,000 bpd until the end of December 2023," Novak said.

The reduction will be revised monthly depending on the global oil market situation, Novak said. The measure is additional to Russia's oil output cut stipulated in April 2023, which is to last until 2025.

Newswire SPA reported that Saudi Arabia would prolong the output cut that started in July until the year end with the reduction standing at 1 million bpd.

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