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Russia planning additional oil cuts in September — Deputy Prime Minister

Shortly before Russia issued the statement, Saudi Arabia announced the extension of a voluntary cut in oil production by 1 million bpd through September

MOSCOW, August 3. /TASS/. Russia announced the extension of a cutback on oil exports until September 2023 in the amount of 300,000 barrels per day (bpd), Deputy Prime Minister Alexander Novak told reporters on Thursday.

"Within the efforts to ensure the oil market remains balanced Russia will continue to voluntarily reduce its oil supply in the month of September, now by 300,000 barrels per day by cutting its exports by that quantity to global markets," he said.

Earlier, Russia already announced a voluntary reduction of exports by 500,000 bpd but for August. There is also a decrease in oil production in August, which is also 500,000 bpd. Whether it has been extended is not yet known.

Shortly before Russia issued the statement, Saudi Arabia announced the extension of a voluntary cut in oil production by 1 million bpd through September. This was reported by the Saudi Press Agency, citing an official source in the Ministry of Energy of the Kingdom. Prior to this, the voluntary reduction was planned first for July, and then extended to August. However, according to the statement, in the future, the reduction in production could be extended and increased.

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Saudi Arabia Alexander Novak

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