Support The Moscow Times!

Russia to Cut Oil Exports in August

A Transneft oil depot. Vitaly Timkiv / TASS

Russia's top energy official said Monday that Moscow will voluntarily cut oil exports by 500,000 barrels per day, building on previously announced production cuts.

"As part of efforts to ensure that the oil market remains balanced, Russia will voluntarily reduce its oil supply in the month of August by 500,000 barrels per day, by cutting its exports by that quantity to global markets," said Alexander Novak, the Russian deputy prime minister responsible for energy policy.

Novak's announcement follows cuts to Russian oil production earlier this year by the same volume as part of Moscow's response to Western sanctions over the war in Ukraine.

Saudi Arabia, which is part of the OPEC+ alliance of oil producers with Moscow, announced on Monday that it was extending a voluntary oil production cut of one million barrels per day to prop up slumping prices.

Since launching its invasion of Ukraine last year, Moscow has pivoted energy exports from Europe to India and China.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more