Russia Extends Output Cuts, Plans 85,000-Barrel Monthly Drop Through November

Russia said it will distribute additional oil-production curbs across the rest of this year and into 2025 as part of its commitment to the OPEC+ supply-management pact. The Energy Ministry outlined monthly reductions of 85,000 barrels a day from July through November, followed by a further 9,000-barrel cut in December. Officials added that the overall volume would be balanced across 2025 to ensure Moscow meets its pledged output target while maintaining stability in the domestic market. The announcement came as separate data compiled by industry sources and Reuters showed Russia’s seaborne oil-product exports fell 6.6% in July from the previous month to 8.67 million metric tons. Analysts attributed the decline to planned refinery maintenance and stronger domestic demand, factors that may also have influenced the government’s decision to phase in the new production restraints.