The world's second-largest oil exporter had previously announced a production cut of 500,000 barrels per day Russian oil producers will reduce exports by 300,000 barrels per day (bpd) starting from September, according to Deputy Prime Minister Alexander Novak, who said the move will help to ensure balance of supply and demand on the global market. "As part of efforts to ensure the oil market remains balanced, Russia will continue to voluntarily reduce its oil supply in the month of September, this time by 300,000 bpd, reducing exports by that quantity to global markets," the top official said on Thursday in an int
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