Russia has agreed to undertake two separate voluntary reductions in oil supply: in April it decided to cut crude output by 500,000 bpd until the end of 2024, while in August it said it would reduce exports by 300,000 bpd until the end of this year, Reuters reported.

Saudi Arabia, a global leading oil producer, also said on Wednesday that it would continue with its voluntary output cut of one million bpd for the month of November and until the end of December 2023.

Novak said that Russia will continue the voluntary export cut of 300,000 bpd until the end of December too, as previously announced.

On output, he said: "Next month, a market analysis will be carried out in order to make a decision on whether to deepen the reduction or increase oil production.

"This is in addition to the voluntary reduction previously announced by Russia in April 2023, which will last until the end of December 2024."

Novak reiterated that Russia's additional voluntary cut is aimed at reinforcing efforts by OPEC+ countries to maintain stability and balance on oil markets.

The reduction of 500,000 bpd accounts for around 5% of Russia's total oil production. Russia suspended publishing its official data on oil output until April 2024.

Energy Minister Nikolai Shulginov said last month that Russian oil production was seen declining by 1.5% to 527 million metric tons (10.54 million barrels per day) this year from 535 million in 2022.