Russia To Cut Oil Exports By 300,000 bpd In September

Russia will cut oil exports by 300,000 barrels per day in September, Deputy Prime Minister Alexander Novak has announced. Russia has already pledged to cut oil output by around 500,000 bpd from March until year-end. "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, by cutting its exports by that quantity to global markets," Novak has said. The news comes shortly after Saudi Arabia said it would extend its unilateral voluntary…