As part of efforts to balance the market, Russia will voluntarily reduce supplies to oil markets by 500,000 barrels per day in August by reducing exports by a specified amount, Deputy Prime Minister Alexander Novak said.

Saudi Arabia during July will voluntarily reduce oil production by another 1 million barrels per day (bpd) in addition to the earlier decision to reduce production by 500 thousand bpd. Thus, in July, the total volume of production reduction by the kingdom will be 1.5 million b/d, and the level of production itself will be about 9 million b/d.