Russia will cut oil exports by 300,000 barrels per day in September, Russia's Deputy Prime Minister Alexander Novak said on Thursday.
"Within the efforts to ensure the oil market remains balanced Russia will continue to voluntarily reduce its oil supply in the month of September, now by 300,000 barrels per day, by cutting its exports by that quantity to global markets," Novak said.
This came just minutes after Saudi Arabia’s announcement to extend its existing production of 1 million bpd through September.
Russia has already had a 500,000 bpd of supply cut ongoing in August.
The new cuts were additions to the OPEC+ group’s already-existing output cap of around 2 million bpd announced in October 2022 and 1.6 million bpd announced in May.