The Brent crude price jumped to $90 a barrel after Moscow announced it would reduce global supplies for the rest of the year © Getty Images / Bloomberg Creative

Russia will extend its voluntary cut in oil exports by 300,000 barrels per day (bpd) until the end of the year, Deputy Prime Minister Aleksandr Novak announced on Tuesday.

“The additional voluntary reduction in oil supplies for export is aimed at strengthening the precautionary measures taken by the OPEC+ countries in order to maintain stability and balance on the oil markets,” the official stated.

Russia will review its voluntary cuts monthly, in order “to consider the possibility of deepening the reduction or increasing production, depending on the situation on the world market,” Novak added.

The measure was taken “in addition to the voluntary reduction previously announced by Russia in April 2023, which will last until the end of December 2024,” the deputy prime minister explained.

The world’s second largest oil producer has been cutting oil output and exports in lockstep with fellow heavyweight oil nation Saudi Arabia. In a separate statement on Tuesday, Riyadh extended its voluntary production cut of 1 million barrels per day until the end of the year, the SPA news agency said, citing an energy ministry official.

Saudi Arabia extends oil-production cut Saudi Arabia extends oil-production cut

The latest round of oil cuts comes on top of voluntary reductions of 1.66 million bpd that some OPEC+ members had first declared in April, and then agreed to extend until the end of 2024.

The reductions are described as voluntary because they are outside the official policy of OPEC+, which obliges every non-exempt member to a share of production quotas.

OPEC+, a group comprising the Organization of the Petroleum Exporting Countries and allies including Russia, which pumps around 40% of the world’s oil, has been cutting output since November 2022.

Prices of the international benchmark Brent blend jumped above $90 per barrel on the news for the first time since November 2022.

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