Russia in talks with OPEC+ on extending oil export cuts

Russia is in discussion with OPEC+ on the possibility of extending its oil export cuts to October, but no decision has been taken so far, Deputy Prime Minister Alexander Novak told TASS, the state-run Russian news agency.

The decision will depend on the market’s requirements, he added.

Moscow is committed to its earlier pledge of cutting exports in September by 300,000 barrels a day compared to the average May to June level, Novak stated.

Russia will reduce crude deliveries to global markets by 500,000 barrels per day, additionally to production cut obligations in August. In September, exports are expected to decrease by 300,000 barrels per day.

Bloomberg data showed that the country exported an average of 4.86 million barrels daily from May to June by sea and pipelines.
 

Source: Argaam