SummarySummary Companies Russia to cut oil exports 500,000 bpd in AugustRussia's Novak announces cut just after Saudis extend their cutOil prices rise 1.6% on Saudi and Russian announcementsPutin spoke to Crown Prince Mohammed bin Salman on June 27MOSCOW, July 3 (Reuters) - Russia will cut oil exports by 500,000 barrels per day (bpd) in August, President Vladimir Putin's point man on oil said on Monday, as Moscow seeks to nudge up global oil prices in concert with Saudia Arabia.
Novak's spokeswoman declined to say whether Russian oil output would decline by the same amount as its exports.
It has already pledged to reduce its output by 500,000 barrels per day (bpd) to 9.5 million bpd from March until year-end.
Russia is the world's second largest oil exporter after Saudi Arabia, whose crown prince, Mohammed bin Salman, spoke to Putin on June 27.
Sechin said some OPEC+ countries were exporting as much as 90% of their output, whereas Russia puts only half of its production onto the global market.
Persons:
Russia's Novak, Putin, Prince Mohammed bin Salman, Vladimir Putin's, Brent, Alexander Novak, Novak's, Mohammed bin Salman, Igor Sechin, Sechin, Guy Faulconbridge, Kevin Liffey
Organizations:
Saudia, Thomson
Locations:
Saudi, MOSCOW, Russia, Moscow, Saudi Arabia, Riyadh, Russian Urals