Russia plans to cut crude export flows next month in an effort to keep the global market balanced, according to Deputy Prime Minister Alexander Novak, Bloomberg reports.
The statement came shortly after Saudi Arabia, a key ally of Russia in the OPEC+ group, said it will extend its voluntary production cut of 1 million barrels a day through August.
“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 in comments published by his press service, providing no further details.
While Monday’s statement was related to exports, Russia earlier this year pledged to reduce its oil production by 500,000 barrels a day from a February baseline, and to maintain that level through 2024.