Russian Deputy Prime Minister, Alexander Novak, declared on Thursday that his country plans to decrease daily oil exports by 300,000 barrels come September. He explained, “In an effort to maintain a balanced oil market, Russia will voluntarily continue to reduce its oil supplies in September, now by 300,000 barrels per day, by lowering its exports by this amount to global markets.”
Russia has already pledged to cut its oil production by around 500,000 barrels per day, equivalent to five percent of production, from March until the end of the year.
Russia, the world’s second-largest oil exporter after Saudi Arabia, who also announced on Thursday, that they would extend a voluntary production cut of one million barrels per day for another month, including September.
Oil prices have surged significantly since Russia and Saudi Arabia announced supply cuts in early July, and Brent crude, the global benchmark, jumped from about $76 a barrel to over $83 currently.”
