Quoted by Russia's TASS news agency, Novak said: "Russia will extend its voluntary production cut of 500,000 barrels per day until the end of December 2024 as a precautionary measure in coordination with the countries participating in the OPEC+ agreement, which announced voluntary cuts in April."

Russia's quota, determined by the OPEC+ meeting, is set at 9.828 million barrels daily. But as Russia confirmed that the figure does not include voluntary cuts, the country will reduce its production to 9.328 million barrels per day in 2024.

According to Novak, the decision by OPEC+ to extend the current agreement to 2024 and the voluntary production cuts by several countries will make the market more predictable for the next 18 months.