Russia has announced plans to deepen its oil export cuts in December, potentially exceeding the initially agreed 300,000 barrels per day (bpd) reduction. The move comes in response to a joint call by Saudi Arabia and Russia for all OPEC+ members to support output cuts amid efforts to stabilize global oil prices. Russian Deputy Prime Minister Alexander Novak stated that additional volumes beyond the initial cuts might amount to 50,000 bpd or more, with the decision contingent on December's results. Russia had already committed to a 300,000 bpd reduction until the end of the year, and in December, it agreed to further deepen cuts to 500,000 bpd in Q1 2024.

SOURCE:GOOGLE