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,” Alexander Novak, the Russian deputy prime minister responsible for energy policy, said in comments carried by Russian news agencies.
Novak’s announcement Monday comes on the back of cuts to Russian oil production this year by the same volume as part of Moscow’s response to Western sanctions levied over the conflict in Ukraine.
Saudi Arabia, which is part of the OPEC+ alliance of oil producers with Moscow, announced on Monday it was extending a voluntary oil production cut of one million barrels per day, in a bid to prop up slumping prices.
Since the beginning of large-scale hostilities in Ukraine last February, Moscow has pivoted energy exports from Europe to India and China.
US car giant Ford on Wednesday announced 4,000 more job cuts in Europe, mostly in…
President Bola Tinubu has approved the dissolution of the Governing Council of Nnamdi Azikiwe…
The Ekiti State Government has reached an agreement with labour leaders in the state,…
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has initiated the seventh…
Iraq is holding its first nationwide census in nearly four decades this week, a long-awaited…
Over 300 constituents of Akinyele/Lagelu Federal Constituency in Oyo State benefitted from a skill…