July 3- According to the Russian satellite news agency, on the 3rd local time, Deputy Chairman of the Government Alexander Nowak said that Russia would voluntarily reduce its oil exports by 500000 barrels a day in August to ensure the balance of the oil market.
According to reports, on the same day, Novak stated in an interview that "within the framework of efforts to ensure market balance, Russia will reduce a specified amount of exports in August, that is, voluntarily reduce 500000 barrels of oil per day to the oil market
Novak said in February that Russia would voluntarily cut its oil production by 500000 barrels a day in March. After some countries imposed Price ceiling on Russian oil and oil products, the reduction of production would help to restore market relations. The measure of reducing daily oil production by 500000 barrels has been extended until the end of 2024. Novak said that the declared voluntary production reduction reached the promised target in April.