Russian Deputy Prime Minister Alexander Novak indicated on Monday that the country will cut its oil exports by 500,000 barrels per day in August. He stated, "In the context of efforts to ensure a balanced oil market, Russia will voluntarily reduce its oil supplies by 500,000 barrels per day by cutting that amount from its exports to global markets." Oil prices increased following Saudi Arabia's announcement to extend voluntary production cuts until August. The Saudi news agency reported: "The Kingdom will extend the voluntary production cut by one million barrels per day for another month until August."
Russia Reduces Oil Exports
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