Russia from August 1 should reduce oil exports

From August 1, Russia will begin to reduce oil exports. The reduction will be, as announced by Deputy Prime Minister Alexander Novak, who oversees the fuel and energy complex, 500,000 barrels. per day. Earlier, the Deputy Prime Minister’s office explained to journalists that supplies abroad would be reduced due to an additional reduction in production in Russia.

This is the second voluntary reduction that Russia has been making since the beginning of 2023, the first one has been in effect since March – also by 500,000 barrels. per day. Russia announced the first in February 2023. Then Novak explained this by the fact that the global oil market “is going through a period of high volatility and unpredictability” amid the banking crisis in Europe and the United States, global economic uncertainty and unpredictable decisions in energy policy. Initially, it was assumed that the reduction of 500,000 barrels. per day will be valid only in March, but then this measure was extended several times. According to the decision of the Russian authorities, production will not increase until the end of 2024.