Following Saudi Arabia, Russia pledges to cut oil exports by 500,000 bpd in August

Russian Deputy Prime Minister Novak said on July 3 that Russia plans to cut crude oil exports next month in order to maintain the balance of the global market. Novak said Russia would voluntarily cut supply by 500,000 bpd in August, but he gave no further details.

Earlier, Saudi Arabia said it would extend a voluntary production cut of 1 million bpd until August.

While Monday’s announcement was about export volumes, Russia pledged earlier this year to cut oil output by 500,000 bpd from a baseline in February and keep it at that level until 2024.