A 2023 source does not establish a new Russian oil cut announcement in 2026
Key Facts
The page linked to the report does not establish that Russia announced a new oil production cut on November 12, 2026, as it is dated February 10, 2023, according to oEnergetice.cz. The page says Russia announced in February 2023 that it would cut production by 500,000 barrels per day during March that year. It estimated that the cut was equivalent to about 5% of Russian production. It quoted Deputy Prime Minister Alexander Novak as saying the cut would be voluntary. It also quoted him as saying Russia would not sell oil to parties applying the price cap mechanism.
In the historical context of that announcement, the page reported that Brent was trading above $86 a barrel before noon on February 10, 2023, after rising by more than 2%, according to its account. It said the European Union, the Group of Seven and Australia introduced a $60-a-barrel cap on Russian seaborne oil starting December 5, 2022. It added that caps on Russian oil products began to apply on February 5, 2023. An Associated Press report said the Group of Seven imposed a $60-a-barrel cap on Russian oil shipped to non-Western countries. The agency said the restrictions affected the use of Western shipping and insurance companies to transport oil priced above that limit.
The Associated Press said the impact of a 500,000-barrel-a-day cut was uncertain in February 2023, amid a slowing global economy and the pressure it was putting on oil demand. In data on supply destinations, Interfax quoted Novak as saying the share of Russian supplies going to friendly countries exceeded 90% in 2025. He said about 80% of oil supplies went to Asia that year, compared with 40% in 2021. These figures provide context on the shift in the destination of Russian supplies over those periods. But they do not establish a new cut announcement in November 2026.
Regarding production management in 2026, OPEC said seven OPEC+ participating countries, including Russia, decided on November 1 to maintain the required production level for September during December. The organization set November 29, 2026, as the date of the seven countries’ next meeting to review market conditions. The organization’s ministerial meeting in June had also confirmed that the agreed overall production level would continue through December 31, 2026. It also scheduled a subsequent ministerial meeting for November 29, 2026. These decisions set collective dates and production levels, and the available facts do not include a standalone Russian announcement of a production cut on November 12.
In the oil market picture for 2026, the Brent spot price averaged $124 a barrel in October, up $10 from September, according to the U.S. Energy Information Administration. The agency said this was the highest average since July 2022, when the price reached $127 a barrel after adjustment for inflation. It estimated that crude oil production outages in the Middle East averaged 2.5 million barrels per day in October, compared with a peak of 10.9 million barrels per day in May. It forecast Brent to average about $100 a barrel in November and December amid continued restrictions. These are dated market data and estimates, and they do not attribute price movements to a new Russian announcement.