Russia has extended its voluntary oil production cut of 500,000 barrels per day until June 2023. This decision aims to maintain stability in the global oil market.

The cut, initially announced in February in response to Western price caps on Russian oil and oil products, was previously set to expire at the end of March. Extending the reduction demonstrates Russia’s commitment to supporting oil prices.

The Deputy Prime Minister Alexander Novak stated that the voluntary production cut is a precautionary measure. The extension is based on an analysis of the current market situation.

This action is coordinated with several OPEC+ countries. Russia is working alongside these nations to ensure a balanced oil market. The impact on global oil prices remains to be seen, but analysts predict a potential increase.