Russia to cut oil exports by 500,000 bpd in August

The decision was made as part of an effort to balance the crude oil market.

Russia will voluntarily reduce export of crude oil by 500,000 barrels per day in August. This statement was made by Alexander Novak, Russian Deputy Prime Minister, the Russian government’s press office said.

It is clarified that this decision was made as part of an effort to balance the crude oil market.

Russia voluntarily reduced crude oil production in March 2023 by 500,000 barrels. This decision will be extended until the end of the year, the government said later. At the same time, OPEC+ group agreed to voluntarily cut oil production by 2 million barrels per day.