Russia will cut its crude exports by 300 000 B/d in September

Russia will prolong a cut in its crude exports into September, while tapering the size of the supply reduction, according to Deputy Prime Minister Alexander Novak.

“Within the efforts to ensure the oil market remains balanced Russia will continue to voluntarily reduce its oil supply in the month of September now by 300,000 barrels per day,” Novak said in a statement on Thursday. The nation pledged to cut its overseas supplies by 500,000 barrels a day in August.

Russia’s decision follows the Saudi Arabia’s unilateral extension of its production by 1 million barrels a day through September.