Russia begins oil exports reduction under OPEC+ ahead of schedule

Maria Novoselova / Vestnik Kavkaza

The export of Russian oil within the framework of OPEC+ decreased in July, the Ministry of Energy of the Russian Federation announced.

"We've already started this reduction in July in order to reach the agreements announced. We will fulfill all the oligations we voluntarily made",

Minister Nikolay Shulginov said.

According to the Minister, in August Russia will implement all the agreements, namely: it will voluntarily reduce oil exports by 500,000 barrels per day. In addition to this, according to the March decision, the Russian Federation is also reducing oil production by the same 500,000 bpd from the February average, TASS reports.

© Photo :Maria Novoselova / Vestnik Kavkaza