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Russian August Export Cut Will Not Impact Production: Reuters Source

OIL

The Russian pledge to reduce August oil exports by 500,000 bpd will not require a similar cut in production according to a government source speaking with Reuters.

  • "Russia will most likely not have to cut production in August due to increased consumption in the country's domestic market. As we know, prices are rising there and there is not enough fuel," said the source.
  • At least three other Reuters sources at Russian oil companies also said that there have been no orders to reduce output additionally.

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