Russia will reduce its oil exports by 2.1 million tons in the third quarter in line with planned voluntary export cuts of 500,000 barrels per day in August, its energy ministry said on Monday.
The reduction, equivalent to 15.4 million barrels, will affect supplies to Russia’s Western ports of Primorsk, Ust-Luga and Novorossiisk, as well as shipments via pipelines.
The Organization of the Petroleum Exporting Countries (OPEC) and major producers including Russia, together known as OPEC+, have been cutting supply since November to support prices.
Russia pledged to reduce its oil export supplies by 500,000 barrels per day in August in order to prop up the market, while Saudi Arabia extended its 1 million bpd output cuts.
In accordance, “the schedule for transporting oil through trunk pipelines outside Russia in the third quarter of 2023 will be reduced by about 2.1 million tons, which corresponds to the indicated level of reduction in exports for August,” the Russian energy ministry said.
“The decrease in the export schedule will affect both shipments to Russian seaports (Novorossiisk, Primorsk, Ust-Luga) and pipeline deliveries,” it added.