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

At the same time, Saudi Arabia issued a statement about extending voluntary oil output cuts of 1 mln bpd to August

MOSCOW, July 3. /TASS/. Russia decided to voluntarily cut oil exports by 500,000 barrels per day (bpd) in August, Russian Deputy Prime Minister Alexander Novak told reporters on Monday.

"Within the efforts to ensure that the oil market remains balanced, Russia will voluntarily reduce its oil supply in the month of August by 500,000 barrels per day by cutting its exports by that quantity to global markets," he said.

Earlier, Russia decided to voluntarily cut oil production in March by 500,000 barrels per day from the February average, which was then extended to June and finally to the end of the year. The new decision affects exports rather than production.

At the same time, Saudi Arabia issued a statement about extending voluntary oil output cuts of 1 mln bpd to August. Saudi Arabia's oil production will reach 9 mln bpd in August, the same as in July. According to the statement, the decision supplements an earlier agreement to reduce output by 500,000 bpd and might be extended for a longer period of time.

At a meeting on June 4, OPEC+ members agreed on the parameters of oil output until the end of 2024. According to TASS estimates, the initial decline in production from the level of quotas agreed in October 2022 may reach 1.393 mln bpd early next year. Taking into account the revised Russian quotas, the decline in output at the start of 2024 will now reach 1.272 mln bpd.

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