Russia to cut oil export by 300,000 barrels per day in September

Russia will cut oil exports by 300,000 barrels per day (bpd) in September, “as part of efforts to ensure market stability”, Deputy Prime Minister Alexander Novak said on Thursday.

This came just minutes after Saudi Arabia’s announcement to extend its existing production of 1 million bpd through September.

Russia has already had a 500,000 bpd of supply cut ongoing in August.

The new cuts were additions to the OPEC+ group’s already-existing output cap of around 2 million bpd announced in October 2022 and 1.6 million bpd announced in May.