MOSCOW, April 2 (Reuters) - Russia will extend a 500,000
barrels per day (bpd) oil production cut until the end of the
year, Deputy Prime Minister Alexander Novak said on Sunday.
Russia announced the move within minutes of statements by
Saudi Arabia, Kuwait, Oman, Iraq and the United Arab Emirates
that they were also reducing output until the end of the year.
Russia is part of OPEC+, which groups the Organization of the
Petroleum Exporting Countries and allies.
"Acting as a responsible market participant and as a
precautionary measure against further market volatility, the
Russian Federation will implement a voluntary cut of 500
thousand barrels per day till the end of 2023, from the average
production level as assessed by the secondary sources for the
month of February," Novak said in a statement.
The announcement means Russia has now twice extended the
output cut that Novak first announced in February.
Novak said on Feb. 10 that Russia would reduce production by
500,000 bpd in March. On March 21, he said the cut would
continue until the end of June.
On March 24, Novak said Russia was very close to reaching
the targeted level of output, which he said would be 9.5 million
bpd.
(Reporting by Olesya Astakhova and Marina Bobrova, editing by
Mark Trevelyan)
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