MOSCOW, August 11. /TASS/. Russia maintained its oil and oil product exports at 7.3 mln barrels per day in July, while export profits grew by $2.5 bln to $15.3 bln, which is the highest level since last November, according to the International Energy Agency (IEA).

At the same time, China and India received 80% of Russian oil shipments in July.

High oil prices, combined with a falling discount on Russian grades, pushed estimated export revenue up by $2.5 bln to $15.3 bln, which is $4.1 bln below the level of July last year, the IEA said.

At the same time, oil shipments declined by 200,000 barrels per day in July to 4.6 mln barrels, the lowest level since December last year. However, this was countered by the similar increase in oil product supply to 2.7 mln barrels per day, according to the agency.

According to the IEA, oil output in Russia fell by 50,000 barrels per day in July to 9.4 mln barrels per day, owing to a decline in exports and an increase in refining, which means that Moscow has more than fulfilled its voluntary output cuts of 500,000 barrels per day, the report said.

It was reported earlier that Russia was planning to voluntarily reduce oil supplies to world markets by 500,000 barrels per day in August by cutting exports. This reduction will be in addition to the already announced commitments to reduce production by 500,000 barrels per day.

Russian Deputy Prime Minister Alexander Novak explained that the measure to reduce oil supplies was taken as part of efforts to ensure balance on the oil market. Novak also stressed that Russian oil companies will decide on their own whether to reduce production or exports, but in general, Russia's task is to reduce oil supplies to global markets by 500,000 bpd. Energy Minister Nikolay Shulginov told TASS that Russia already in July had begun to reduce the volume of oil exports as part of voluntary commitments and intends to fulfill them in full in August.

In March, Russia began to voluntarily cut oil production by 500,000 barrels per day from the February average. The validity period of this reduction was extended several times - first until June inclusive, then until the end of 2023. After the OPEC+ meeting, which took place on June 4 in Vienna, the decision to voluntarily reduce production was extended until the end of 2024.