Russian Deputy Prime Minister Alexander Novak shared on Thursday that it will be on the companies themselves to decide whether to make further cuts to oil production or lower oil exports in August.
Speaking to journalists, Novak underlined that what matters, in the end, is to "reduce supplies to world markets." Russia previously announced that it will be cutting its oil output by 500,000 barrels per day in August.
Meanwhile, discussing the oil production forecast for 2023, he said that the projections remain unchanged at 515 million tonnes, as Moscow already took into account all the mentioned reductions.
