Russia has voluntarily announced that it will cut oil supplies to global markets by 500,000 barrels per day this August by reducing exports, in addition to the announced commitments to cut production.
Russian Deputy Prime Minister Alexander Novak said - according to the "Russia Today" satellite channel today, Tuesday - that the measure to reduce oil exports was taken within the framework of efforts to ensure balance in the oil market.
Novak added that Russian oil companies will decide for themselves whether to cut production or export, but in general, Russia's task is to reduce oil supplies to world markets by 500,000 barrels per day. According to what was reported by the Middle East Sons Agency
For his part, Russian Energy Minister Nikolai Shulginov said that Russia began last July to reduce the volume of oil exports as part of voluntary commitments, and intends to fully fulfill this in August.
It is worth noting that Russia began in March a voluntary cut in oil production by 500,000 barrels per day from the average of February, and the period of validity of this cut was extended several times, first until June inclusive, then until the end of the year, and after the “OPEC +” meeting, held last June 4 in Vienna, the decision to cut production was voluntarily extended until the end of 2024.