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Russia to Cut Crude Exports by 300kbpd in 1Q24, Products by 200kbpd

OIL

Russia will deepen its voluntary export cuts by 200kbpd to 500kbpd in the first quarter of next year, including a 300kbpd reduction in crude oil exports and a cut of oil products exports by 200kbpd, Deputy PM Alexander Novak said after the OPEC+ meeting.

  • The baseline for the oil export cut is the May-June 2023 average, Novak said.
  • “Additional voluntary curbs are aimed to strengthen the preventive measures taken by OPEC+ countries to maintain stability and balance in oil markets,” Novak said.
  • After the first quarter 2024, Russia will gradually return flows based on market conditions, Novak added.
Energy BulletsCommodities
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