Russia extends oil exports cuts of 300,000 bpd until year-end: Deputy PM Novak

MOSCOW: Russia will extend its voluntary decision to reduce oil exports by 300,000 barrels per day (bpd) until the end of the year “to maintain stability and balance” on oil markets, Deputy Prime Minister

Alexander Novak

said in a statement on Tuesday.
Russia, the world’s second largest oil exporter, has been cutting output and exports in tandem with Saudi Arabia on top of existing Opec+ supply reductions.
Russia has said that it would cut oil exports by 500,000 barrels per day, or around 5% of its output, in August and by 300,000 bpd in September.

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