Russia will cut its crude oil exports by 500,000 barrels per day (bpd) in August in a bid to ensure a balanced market, Russia’s Deputy Prime Minister Alexander Novak said on Monday. “As part of the efforts to ensure a balanced market, Russia will voluntarily reduce its oil supply in August by 500,000 barrels per day by cutting its exports to global markets by that quantity,” Novak said in a brief statement.
The top oil official in Russia didn’t give any figures as to the volume of the Russian production and exports for August,…Russia Says It Will Reduce Oil Exports By 500,000 Bpd In August
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