Russia will extend its voluntary reduction in oil exports by 300,000 barrels per day (bpd) until the end of the year "to maintain stability and balance" on oil markets, Deputy Prime Minister Alexander Novak said in a statement on Tuesday.
Russia, the world's second largest oil exporter, has been cutting output and exports in tandem with Saudi Arabia on top of existing OPEC+ supply reductions.
In a separate statement on Tuesday, Saudi Arabia said it would extend its voluntary cut of one million barrels per day for another three months until the end of December, according to the state news agency SPA.
Novak said Russia's voluntary cuts would be reviewed monthly, "to consider the possibility of deepening the reduction or increasing production, depending on the situation on the world market.
He made clear the measure was "in addition to the voluntary reduction previously announced by Russia in April 2023, which will last until the end of December 2024".
Prices of the international benchmark Brent blend rose above $90 per barrel for the first time since November 2022 on the news.
Novak, Russian President Vladimir Putin's point man on oil, first mentioned a new deal on oil export cuts last week without disclosing parameters.
Russia had said it would voluntarily cut oil exports by 500,000 barrels per day, or around 5% of its output, in August and by 300,000 bpd in September.
Russia is also reducing its oil production by 500,000 bpd until the end of 2024.
"The additional voluntary reduction of oil supplies for export is aimed at strengthening the precautionary measures taken by OPEC+ countries in order to maintain the stability and balance of oil markets," Novak said.
