Russia will cut oil exports by 500,000 barrels per day (bpd) in August in an effort to keep the global market balanced, Deputy Prime Minister Alexander Novak said Monday.
“Within the efforts to ensure the oil market remains balanced, Russia will voluntarily reduce its oil supply in the month of August by 500,000 barrels per day by cutting its exports by that quantity to global markets,” Novak said.
The announcement came shortly after Saudi Arabia, a key ally of Russia in the OPEC+ group, said it will extend a voluntary production cut of 1 million barrels a day through August.
Russia is the world’s second largest oil exporter after Saudi Arabia. Despite numerous sanctions from the West, Russia’s exports remain high.
Earlier, Moscow had also already committed to reduce its output by 500,000 bpd to 9.5 million bpd from March until year-end.