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Breaking News: Russia to cut exports too!
“Shortly after the Saudi announcement (of extending the 1 mb/d production cut to August), Russian Deputy Prime Minister Alexander Novak said Moscow would cut its oil exports by 500,000 barrels per day in August.
The cuts amount to 1.5% of global supply and bring the total pledged by OPEC+ to 5.16 million bpd.”
Source: Reuters