ICYMI – Russia to cut oil exports by 300,000 barrels per day in September

<p>Saudi Arabia announced on Thursday they'd be extending their output cut:</p><ul><li><a href="https://www.forexlive.com/news/saudi-arabia-to-extend-voluntary-500k-oil-production-cut-through-sept-20230803/" target="_blank" rel="follow" data-article-link="true">Saudi Arabia to extend voluntary 1m bpd oil production cut through Sept</a>ember</li></ul><p>ICYMI, Russian Deputy Prime Minister Alexander Novak jumped on the bandwagon:</p><ul><li>"Within the efforts to ensure the oil market remains balanced, Russia will continue to voluntarily reduce its oil supply in the month of September, now by 300,000 barrels per day, by cutting its exports by that quantity to global markets," </li></ul><p>

Russia had already committed to cutting its oil output by around 500,000 bpd from March until year-end.</p><p>Oil price update:</p>

This article was written by Eamonn Sheridan at www.forexlive.com.