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Russia Maintains 2023 Oil Output Forecast at 515mn Tons: Novak

OIL

Russia is focusing on cutting oil exports in August, rather than output, as the country still targets oil output at 515mn tons for this year, Russia’s Deputy PM Alexander Novak said.

  • It will be up to Russian producers to decide whether the want to cut output in August, Novak added.
  • Russia has pledged to curb crude oil exports by 500kbpd in August.

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