Title: Source: Russia's Oil Export Reduction Does Not Require Production Cuts

A government source told Reuters on Friday that "Russia's recent commitment to cut oil exports will not require a similar reduction in production." The source, who spoke on condition of anonymity, stated, "Russia is unlikely to have to cut production due to increased consumption in the domestic market. As we know, prices are rising and there is not enough fuel." The media office of Deputy Prime Minister Alexander Novak mentioned on Monday that Russia will reduce its oil exports by 500,000 barrels per day in August amid declining global oil prices.