Russia, Saudi Arabia to review voluntary oil export cut decision in November

The Russian government will reevaluate its voluntary export curbs in November without ruling out a production increase, according to Deputy Prime Minister Aleksandr Novak on Wednesday.

Novak’s statement came just hours before OPEC’s Joint Ministerial Monitoring Committee (JMMC) meeting to discuss the market position and new output policies.

In April, Russia pledged to lower crude output by 500,000 barrels per day (bpd) through the end of 2024, with an additional export cut decision made in August of 300,000 bpd through the end of this year.

Novak said a market analysis would be conducted next month to determine whether oil production would be reduced or increased, the outcome of which would be in addition to the voluntary reduction that Russia announced in April 2023 and which is set to last through the end of December 2024.

Meanwhile, Saudi Arabia also announced that it would extend its voluntary cut of 1 million bpd in place since July until the end of December this year.

Citing an official energy ministry source, the Saudi state news agency SPA said the voluntary cut decision would be reviewed next month to consider deepening the output curbs or increasing production.

• Deputy Prime Minister Aleksandr Novak