Russia will cut oil supplies in August by 500 thousand barrels per day

Russian Deputy Prime Minister Alexander Novak said Monday, July 3, that Russia will reduce its oil exports by 500,000 barrels per day in August.

“As part of efforts to ensure that the oil market remains balanced, Russia will voluntarily reduce its oil supplies in August by 500,000 barrels per day by reducing that amount of its exports to global markets,” he said in a statement.

Oil prices rose on Monday following Saudi Arabia’s announcement to extend voluntary production cuts until August.

And the Saudi Press Agency said today, Monday, that the kingdom will extend the voluntary production cut by one million barrels per day for another month, until August.