Russia will cut oil exports by 300,000 barrels per day in September, Deputy Prime Minister Alexander Novak said on Thursday.
“Within the efforts to ensure the oil market remains balanced Russia will continue to voluntarily reduce its oil supply in the month of September, now by 300,000 barrels per day, by cutting its exports by that quantity to global markets,” Novak said.
Russia has already pledged to reduce its oil output by around 500,000 bpd, or some 5% of its oil production, from March until year-end.
Russia is the world’s second-largest oil exporter after Saudi Arabia, which said on Thursday itwould extend a voluntary cut in oil output of one million barrels per day for another month to include September.
Oil prices have risen significantly since Russia and Saudi Arabia announced supply cuts in early July, with Brent crude oil LCOc1, a global benchmark for their main export, climbing from around $76 a barrel to above $83 currently.