A deep pump is located near the town of Usinsk, 1,500 kilometers north-east of Moscow.
(Photo: dpa)
To support oil prices, Russia will cut oil exports next month. Saudi Arabia, meanwhile, has announced that it will maintain the production cuts it started in July through August.
“Russia will voluntarily reduce its oil supply by 500,000 barrels a day in August by cutting its exports by that amount,” Russian Deputy Prime Minister Alexander Novak said through his press service, without giving details.
Moscow had already announced that it would cut daily production by 500,000 barrels from February’s level. The cuts are to be maintained over the course of the year and also next year.
Saudi Arabia also signaled today the possibility of further extending production cuts to around nine million barrels a day – the lowest level in several years.
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