11.1 C
Monday, December 11, 2023

Russia to extend voluntary oil production cut until end of 2024


Share post:


Moscow: Russia will extend its voluntary oil production cut of half a million barrels per day until the end of 2024, Russian Deputy Prime Minister Alexander Novak said.

Quoted by Russia’s TASS news agency, Novak said: “Russia will extend its voluntary production cut of 500,000 barrels per day until the end of December 2024 as a precautionary measure in coordination with the countries participating in the OPEC+ agreement, which announced voluntary cuts in April.”

Russia’s quota, determined by the OPEC+ meeting, is set at 9.828 million barrels daily. But as Russia confirmed that the figure does not include voluntary cuts, the country will reduce its production to 9.328 million barrels per day in 2024.

According to Novak, the decision by OPEC+ to extend the current agreement to 2024 and the voluntary production cuts by several countries will make the market more predictable for the next 18 months


Please enter your comment!
Please enter your name here

Related articles

Alleged killers of Gogamedi nabbed from Chandigarh hotel

On the night of Saturday, December 9, two teams of Rajasthan and Delhi police, nabbed the alleged killers...

Mayawati’s nephew Akash Anand announced as next BSP chief

On Sunday, December 10, Bahujan Samaj Party (BSP) National President, Mayawati, announced her 28-year-old nephew, Akash Ananad, as...

Vishnu Deo Sai to be Chhattisgarh CM, says ‘Will work for Modi Ki Guarantee’

Ending the suspense over who the Chief Minister of Chhattisgarh will be, the Bharatiya Janata Party, on Sunday,...

BSP Amroha MP Danish Ali suspended for ‘anti-party’ activities

On Saturday, December 9, the Bahujan Samaj Party (BSP) suspended its Lok Sabha MP from Amroha, Danish Ali,...