Business
Russia to cut oil exports by 300,000 bpd in September
Russia will cut oil exports by 300,000 barrels per day in September, Deputy Prime Minister Alexander Novak said 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,” Novak said.
Russia has already pledged to reduce its oil output by around 500,000 bpd, or some 5 percent of its oil production, from March until year-end.
For all the latest headlines follow our Google News channel online or via the app.
Russia is the world’s second-largest oil exporter after Saudi Arabia, which said on Thursday it would extend a voluntary cut in oil output of one million barrels per day for another month to include September.
Oil prices have risen significantly since Russia and Saudi Arabia announced supply cuts in early July, with Brent crude oil, a global benchmark for their main export, climbing from around $76 a barrel to above $83 currently.
Read more:
OPEC sees 2.2 percent oil demand growth in 2024 despite headwinds
Saudi oil exports down 40 percent in May yoy: Stats agency
Low-profile traders help ship half Russia’s oil exports to India, China