MOSCOW: Russia will extend its voluntary decision to cut oil exports by 300,000 barrels per day (bpd) until the end of the year “to maintain stability and balance” in oil markets, Deputy Prime Minister Alexander Novak said in a statement Tuesday.
Russia, the world’s second largest oil exporter, has partnered with Saudi Arabia to scale back production and exports, on top of existing OPEC+ supply restrictions.
Russia has said it will cut oil exports by 500,000 barrels per day in August, or about 5% of production, and by 300,000 barrels per day in September.
Russia, the world’s second largest oil exporter, has partnered with Saudi Arabia to scale back production and exports, on top of existing OPEC+ supply restrictions.
Russia has said it will cut oil exports by 500,000 barrels per day in August, or about 5% of production, and by 300,000 barrels per day in September.
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