Russia to cut oil exports by 500,000 bpd in Aug – Novak

Russia to cut oil exports by 500,000 bpd in Aug – Novak

Russia will cut oil exports by 500,000 barrels per day in August, Deputy Prime Minister Alexander Novak said on Monday. "Within the efforts to ensure the oil market remains balanced, Russia will voluntarily reduce its oil supply in the month of August by 500 thousand barrels per day by cutting its exports by that quantity to global markets," Novak said in a statement. Oil rose on Monday as top exporter Saudi Arabia extended its supply cut through August, overshadowing concerns about a global economic slowdown and possible further interest rate hikes from the U.S. Federal Reserve. Saudi Arabia said it would extend its voluntary cut of one million barrels per day for another month to include August, the state news agency said on Monday. (Reporting by Reuters; editing by Guy Faulconbridge)