Russia extends oil output cut of 0.5 mln bpd until end of 2024: Deputy PM
Russia will extend its voluntary oil production cut of 500,000 barrels per day until the end of December 2024, Russian Deputy Prime Minister Alexander Novak said on Sunday after a meeting of OPEC group of leading oil producers.
The cuts will be as a precautionary measure, in coordination with the countries participating in the OPEC agreement, which had previously announced voluntary cuts in April, he added.
“This voluntary cut will be from the required production level, as agreed upon at the thirty-fifth ministerial meeting of OPEC Plus on June 4, 2023,” Novak added.
Know your inner investor
Do you have the nerves of steel or do you get insomniac over your investments? Let’s define your investment approach.
Download The Mint News App to get Daily Market Updates & Live Business News.
Updated: 04 Jun 2023, 10:07 PM IST
