(VOVWORLD) - Russia will cut oil exports by 300,000 barrels per day in September in an effort to balance the oil market, Deputy Prime Minister Alexander Novak has announced.
Russia has already pledged to cut oil output by around 500,000 bpd from March until year-end.
A Saudi Arabian official said Saudi Arabia will extend a voluntary oil output cut of 1 million barrels per day for another month through September to provide additional support for the oil market.
Russia is the second largest crude oil exporter behind Saudi Arabia. Oil prices have increased significantly since Russia and Saudi Arabia announced production cuts in early July.