The Russian Federation reduces oil supply to 500,000 barrels per day

Russia has reduced oil exports at least until the spring of 2024.

Russia further reduced the volume of oil exports. Thus, Moscow will “deepen the additional voluntary supply reduction” to 500,000 barrels per day. This was announced by the Deputy Prime Minister of the Russian Federation, Alexander Novak.

The reduction in raw material supplies will continue until the end of the 1st quarter of 2024. According to the Russian official, the decision should “support the stability and balance of the oil markets.”