July 17th, according to the Russian “Kommersant”, Russia is moving towards a plan to reduce oil exports by 500,000 barrels per day in August.
Russia’s offshore oil exports may have fallen to 2.9-3 million barrels per day in August, mainly due to lower exports from Russia’s Baltic ports.
The cuts were made by adjusting state-owned pipeline operator Transneft’s export schedule for the third quarter, two sources said.
Russia announced plans to cut output earlier this month, hoping to join Saudi Arabia in boosting global oil prices.