Title: Novak: We Intend to Reduce Oil Supplies Next Month

Russian Deputy Prime Minister Alexander Novak announced today, Thursday, that "as part of efforts to ensure the continued balance of the oil market, Moscow will maintain a voluntary reduction in its oil supplies for September." He added, "The reduction in oil exports will be by 300,000 barrels per day." Russia has already committed to reducing its oil production by about 500,000 barrels per day, equivalent to five percent of production, from March through the end of the year. Russia is the second-largest oil exporter in the world after Saudi Arabia, which announced today that it will extend its voluntary production cut of one million barrels per day for another month.