MOSCOW, July 3. /TASS/. Russia will cut oil supplies by 500,000 barrels per day (bpd) additionally to crude output reduction volumes that have already been announced, a representative of Deputy Prime Minister Alexander Novak told reporters.

"Additionally," he said.

Previously Novak said that Russia had decided to voluntarily cut supplies to oil markets by 500,000 barrels per day in August 2023 within efforts to ensure that the oil market remained balanced.

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

Concurrently with Russia’s statement Saudi Arabia announced extension of its voluntary oil output cut by 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 agreement announced earlier to reduce output by 500,000 bpd and it 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.