Russia to reduce oil exports in August

Russia's top energy official announced today, July 3, that Moscow will cut oil exports in August as part of efforts to ensure that the oil market remains balanced.

Alexander Novak, the Russian deputy prime minister responsible for energy policy, said Monday: “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,” according to Reuters.

This follows Saudi Arabia’s decision to extend its voluntary production cut of 1 million barrels a day through August.