The Ministry of Energy confirmed the reduction in oil supplies in August by 500 thousand barrels per day

Russia confirms it will cut oil supplies to markets by 500,000 barrels per day (bpd) in August by cutting exports. About it TASS reported in the Ministry of Energy of the Russian Federation. This reduction is in addition to the commitments made to voluntarily reduce production.

“This means taking all necessary measures to achieve this goal within the framework of voluntary reduction. This reduction is in addition to the voluntary reduction that the Russian Federation announced earlier and which was extended until the end of December 2024,” the ministry said.

In June Russia took commitments to significantly cut oil production – its formal quota will be reduced by 650,000 bpd to 9.8 million bpd, and beyond that, a voluntary cut of 500,000 bpd will remain. In July, Deputy Prime Minister Alexander Novak announcedthat Russia will voluntarily reduce oil exports by 500,000 barrels per day in August. A day after this statement, the Ministry of Energy of Saudi Arabia reportedthat Russia voluntarily reduced oil exports by 500,000 barrels per day.

Read more in the publication “Kommersant” “Quot a new twist”.

Maria Fedotova