He said that the reduction is not part of any agreement and is being done to restore market relations.
Voluntary Reduction of Oil Output
Novak stated that Russia will not sell oil to those who follow the ‘price cap’ principles and that the cut will only affect oil, excluding gas condensate. The production cut comes after Russia agreed to a set oil output of 10.478 million barrels per day in November 2022, producing roughly 9.8-9.9 million barrels per day in January 2023.
Previous OPEC+ Agreement
When the previous OPEC+ agreement to reduce oil output by 9.7 million barrels per day came into effect in 2020, Russian companies cut their production proportionally as part of the deal. According to CDU TEK statistics, Russian oil and gas condensate production in 2020 decreased by 8.6% year-on-year to 512.68 million metric tons.
