Russia announced on Monday a cut in its crude exports by 500,000 barrels a day in August, a move it said was aimed at “balancing the market.”
“As part of efforts to balance the market, Russia will voluntarily decrease deliveries to oil markets by 500,000 barrels per day in August by reducing exports by this amount,” Deputy Prime Minister Alexander Novak was quoted as saying by news agencies. russian.
stimulate prices
The announcement of this decision comes just after the extension of the reduction in oil production by one million barrels per day by Saudi Arabia, Russia’s ally within OPEC+, a group that brings together the main oil-exporting countries. and their partners.
Measures of this type are aimed at reducing the supply of oil in the markets to stimulate prices.
Russia had already announced in February 2023 a drop in its crude production of 500,000 barrels per day, a measure that it said it wanted to maintain until the end of 2024. The decision announced this Monday refers to exports, not production.
Source: BFM TV
