Russia in August will again reduce oil production and exports
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Russia will voluntarily cut oil exports by 500,000 barrels a day in August, Deputy Prime Minister Alexander Novak, who oversees the fuel and energy sector, told reporters on July 3. Novak did not name the current level of exports. According to him, deliveries abroad will be reduced “as part of efforts to ensure market balance.”
A spokesman for the Deputy Prime Minister’s office specified that Russia would cut oil production by 500,000 barrels per day, in addition to its earlier commitments under the voluntary reduction in oil production.
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