Russia has reduced oil exports by 300 thousand barrels per day since September

In August, the reduction amounted to 500 thousand barrels per day.

Deputy Prime Minister Ross Alexander Novak said Russia would extend a voluntary cut in supplies to oil markets in September, The Moscow Post reports.

The reduction will occur as part of an effort to balance the market. Thus, since September, the reduction in oil supplies will be 300,000 barrels per day.

In August, Russia promised to cut oil exports by 500,000 barrels per day, in addition to the previously announced reduction in the same amount.

Novak stressed that the oil companies themselves will decide whether to achieve reductions through exports or production.

Saudi Arabia also agreed to a voluntary cut in exports of 1 million barrels per day. hzikhidtidekrt Arabia.

Several OPEC+ countries agreed on a voluntary cut of 1.66 million barrels in total in May. Initially, the measure was introduced until the end of 2023, but then it was extended to 2024. Russia has extended the production cut by 500,000 barrels for the same period.