Russian Deputy Prime Minister Alexander Novak said on Monday that the decision of the OPEC+ Joint Ministerial Monitoring Committee (JMMC) to approve the voluntary reduction of the oil production by several member states means that this as an important step
MOSCOW (Pakistan Point News / Sputnik - 03rd April, 2023) Russian Deputy Prime Minister Alexander Novak said on Monday that the decision of the OPEC+ Joint Ministerial Monitoring Committee (JMMC) to approve the voluntary reduction of the oil production by several member states means that this as an important step.
Earlier in the day, the JMMC approved the decision of Russia to extend voluntary oil production cuts of 500,000 barrels per day until the end of 2023, as well as the decision of Saudi Arabia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, Oman, and Gabon to also carry out voluntary oil output cuts starting May until the end of 2023.
"I would especially like to note that this is an additional reduction, a voluntary one. Not within the OPEC+ framework. And this is in addition to the measures that were taken back in October last year with a reduction of two million barrels per day until the end of 2023. These decisions were taken into account. And, in principle, they were approved today at the JMMC as very important and necessary measures at the moment in order to stabilize the situation on the market," Novak told the Rossiya 24 broadcaster.
