Deputy Prime Minister of Russia Alexander Novak arrives for an OPEC meeting in Vienna, Austria, June 4, 2023. Russia, the world's second largest oil exporter, has been cutting output and exports in tandem with Saudi Arabia on top of existing OPEC+ supply reductions. Novak, Russian President Vladimir Putin's point man on oil, first mentioned a new deal on oil export cuts last week without disclosing parameters. Russia had said it would voluntarily cut oil exports by 500,000 barrels per day, or around 5% of its output, in August and by 300,000 bpd in September. Russia is also reducing its oil production by 500,000 bpd until the end of 2024.

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Persons: Alexander Novak, Leonhard Foeger, Novak, Vladimir Putin's, Vladimir Soldatkin, Oksana Kobzeva, Mark Trevelyan, Kevin Liffey Organizations: REUTERS, Rights, Brent, OPEC, Thomson Locations: Vienna, Austria, Russia, Saudi Arabia