MOSCOW, March 1 (KUNA) -- Russian Deputy Prime Minister Alexander Novak said on Wednesday that Russia was starting to reduce oil output by 500,000 barrels per day from March.
According to the Russian News Agency (TASS), Russia has made the choice voluntarily, without consulting with the OPEC+ countries.
Novak's representative explained that the reduction would affect only oil output, excluding gas condensate. The production quota will be distributed evenly among oil companies depending on their level of production.
Novak said earlier that Russia has only made a decision on voluntary reduction of crude production by 500,000 barrels per day for March so far.
"We will see how the market situation will unfold, and depending on this, decisions will be taken on the market, the present decision has only been made for March," he said.
According to the OPEC+ deal, from November 2022, Russia is to produce 10.478 million barrels per day. In January 2023, as Novak said earlier, Russia produced approximately 9.9 million barrels per day. (end)