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Russia Voluntary Cut Extension Fails to Support Crude

OIL

Following the Saudi announcement, Russia’s Novak has said Russia will cut September oil exports by 300kb/d in September, down from a voluntary cut commitment of 500kb/d in August.

  • It follows the recent Saudi announcement to extend its voluntary production cut of 1mn bpd for another month into September while leaving the door open to “extend” and/or “deepen” them.
  • Crude prices jumped on the Saudi headline before retracing while Russia headline has failed to provide any support yet.
  • *NOVAK: RUSSIA TO CUT SEPT. EXPORTS BY 300KB/D TO BALANCE MKT - bbg
  • Brent OCT 23 up 0.5% at 83.64$/bbl
  • WTI SEP 23 up 0.6% at 79.97$/bbl

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