MOSCOW, July 7. /TASS/. Russia acknowledges the reduction of oil supplies to markets by 500,000 barrels daily in August through exports lowering and intends to take all the required action for this purpose, the Ministry of Energy told TASS.

Supplies will be lowered in addition to earlier assumed commitments on the voluntary production cut.

"Russia confirms it will reduce supplies to oil markets by 500,000 barrels per day in August through lowering of exports. It means taking all the requisite measures to achieve this goal within the framework of the voluntary reduction. This reduction complements the voluntary decrease Russia announced earlier and which was extended until the end of December 2024," the ministry said.

Deputy Prime Minister Alexander Novak told reporters earlier that Russia had made the decision to voluntarily slash oil supplies to markets by 500,000 barrels a day in August through the reduction of exports.