Russia will decide if it will extend its oil production cuts or, on the contrary, increase production in November, the country's Deputy Prime Minister for Fuel Energy complex Alexander Novak stated on Wednesday.
"Russia will maintain the additional voluntary reduction by 300,000 barrels per day of supply to the world market until the end of December 2023, which took effect in September and October 2023. The market will be analyzed next month to decide whether to deepen the reduction or increase oil production," Novak stated ahead of the Organization of Petroleum Exporting Countries and its partners' (OPEC+) ministerial meeting.
Additionally, he noted that "the additional voluntary reduction is intended to reinforce the measures taken by OPEC+ countries to maintain the stability and balance on oil markets."
