Moscow — Russian Deputy Prime Minister Alexander Novak said on Wednesday that Russia may extend oil export cuts to the month of October, and has fully met its obligations to reduce supply in August, TASS news agency reported.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia, began limiting output late last year to bolster the market and in June extended the supply curbs into 2024.
Russia said separately that it would cut oil exports by 500,000 barrels per day, or around 5% of its output, in August and by 300,000 bpd in September.
Novak said on Wednesday that Russia may extend the cuts into October, though it was too early to say definitively.
“We will see. We are now monitoring the situation and evaluating the market together with our colleagues from other countries. We will proceed from what the market will demand,” Novak replied to a question about the extension of export cuts into October, according to TASS.
“We stick to our obligations (in August) in full,” he added.
Saudi Arabia is also extending a voluntary oil output cut of one million barrels per day for another month to include September, and has said the reduction could be extended beyond that or deepened.
Interfax news agency also quoted Novak as saying that Russia is reducing exports from the average level in May and June.
Separately, Russian news agencies cited Novak as saying that authorities are reviewing Russian oil producer Lukoil’s plan to buy back shares from foreign shareholders.
Interfax said last week, citing unnamed sources, that Lukoil was asking Russian authorities for permission to buy back up to 25% of its shares from foreign investors at a discount of at least 50%. (Reporting by Reuters; Editing by Kirsten Donovan) – Reuters
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