Reduce production and export volume! Russia and Saudi Arabia have both announced export volumes | Saudi Arabia | Russia
On August 3rd local time, Russian Deputy Prime Minister Alexander Novak stated that Russia will reduce its oil exports in September by 300000 barrels per day.
In addition, on August 3rd local time, the Saudi Ministry of Energy announced that the voluntary additional daily reduction of 1 million barrels of crude oil, which began in July, will be extended for another month until the end of September. This measure may also be extended and further increase the reduction in production.
Starting from May this year, Saudi Arabia voluntarily reduced its daily crude oil production by 500000 barrels, and in July, it voluntarily reduced its daily crude oil production by an additional 1 million barrels. After two production cuts, Saudi Arabia's daily crude oil production has decreased to 9 million barrels since July this year.
It is reported that Saudi Arabia's move is aimed at jointly maintaining the stability of the international crude oil market with OPEC+countries.