According to Alexander Novak, Russia intends to continue minimizing its oil exports until the end of the year.

Alexander Novak, the Russian Federation’s deputy prime minister, announced a delay of the country’s voluntary cut in oil exports to international markets by an additional 300,000 barrels per day, to last through the end of December 2023. Novak highlighted that depending on the state of the world market, monthly evaluations of this voluntary reduction will take into account the likelihood of subsequent reductions or output rises. This action adds to Russia’s earlier voluntary reduction pledge, which was made in April 2023 and will last until the end of December 2024.As stated in the official release, the main goal of this additional voluntary reduction in oil exports is to support the safety precautions taken by OPEC+ member nations with a view to maintaining stability and equilibrium within the oil markets.