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Oil companies to decide whether to cut production or export — Novak

According to the deputy prime minister, the decision to reduce supplies in August will make it possible to rebalance the oil market during the low season

KRASNOYARSK, July 13. /TASS/. Oil companies will decide on their own whether to reduce oil production or exports in August, while the task of Russia is to slash deliveries to global markets by 500,000 barrels daily, Deputy Prime Minister Alexander Novak told reporters.

"Companies will decide themselves on their action: they will either cut exports or cut production. The task in general is to reduce supplies to global markets," Novak said.

The decision to reduce supplies in August will make it possible to rebalance the oil market during the low season, the deputy prime minister said. "It means we will ship less, Russia will deliver less to oil markets," he added.

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Alexander Novak

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