Bank of Russia says decrease in oil exports in August not to affect its projections
Earlier this week it was reported that Russia would voluntarily cut supplies to oil markets by 500,000 barrels per day in August within efforts to ensure that the oil market remained balanced
ST. PETERSBURG, July 7. /TASS/. Russia’s Central Bank will take into account the voluntary reduction of oil exports in August in its projections, though it does not expect this factor to strongly affect the mid-term outlook, the regulator’s Deputy Governor Alexey Zabotkin told reporters.
"[The Central Bank will] definitely [take it into account]. It is temporary, it says - for one month, in August. What happens inside one particular month has no substantial impact on the mid-term outlook," he said.
Russian Deputy Prime Minister Alexander Novak said earlier this week that Russia would voluntarily cut supplies to oil markets by 500,000 barrels per day in August within efforts to ensure that the oil market remained balanced.
The key meeting of the Central Bank’s board of directors will be held on July 21.