Russian Deputy Prime Minister Alexander Novak told Interfax news agency on Sunday that Russia will increase its oil export cuts in December as part of the OPEC+ agreement. Russia announced on Sunday that it will raise its oil export cuts, which is considered an earlier deadline than a previous commitment to support prices by the largest oil-exporting nations in the world.
Saudi Arabia and Russia, the two biggest oil-exporting countries, called on all OPEC+ members to join the agreement to reduce production following a meeting of the producers' bloc. Russian President Vladimir Putin visited Riyadh shortly after the OPEC+ meeting, the alliance that includes the Organization of the Petroleum Exporting Countries (OPEC) and Russia along with other allies.
Leading Russian news agencies reported Deputy Prime Minister Alexander Novak, who is a top official involved in the oil and gas sector for Putin, stating that Russia will increase its cuts beyond the already agreed reductions of 300,000 barrels per day for this year. Novak noted that due to the commitments made by his country to OPEC+, Russia's total oil exports in 2023 will be less than 247 million tons, which is used in major macroeconomic forecasts for Russia.
Novak expressed hope that Gazprom and China National Petroleum Corporation (CNPC) would soon agree on contract terms for gas sales via the Power of Siberia-2 pipeline. Russia has been in talks for years about building the Power of Siberia-2 pipeline, which will transport approximately 50 billion cubic meters of gas annually from Yamal in northern Russia to China via Mongolia. Novak stated, "We expect the company to reach an agreement as soon as possible."
