This August, Russia will voluntarily cut oil exports by 500 thousand barrels per day, Russian Deputy Prime Minister Alexander Novak said.
According to him, Russia is taking such a step to ensure the balance of the oil market.
"As part of efforts to balance the oil market, Russia will voluntarily reduce its supplies by 500,000 barrels per day in August by reducing exports by the designated amount",
Alexander Novak said.
It should be noted that this decision will affect exports, not production. Earlier, Russia voluntarily cut oil production by 500,000 barrels per day from the February average values in March, and then this decision lasted until the end of the year.
In addition to this, Saudi Arabia extended a voluntary cut in oil production by 1 million barrels per day until August. Riyadh's total production cut in August will be 1.5 million barrels per day, as Saudi Arabia earlier announced a production cut of 500,000 barrels per day.