Novak: Russia to cut oil exports 300,000 bpd in Sept vs May-June average, discussing prolonging measure into Oct with other countries

DOMODEDOVO. Aug 30 (Interfax) - Russia intends to reduce oil exports by 300,000 bpd in September versus the average level for May-June, a period when the country did not voluntarily reduce supplies to world markets, Russian Deputy Prime Minister Alexander Novak told reporters.

Commenting on the base level for the reduction, Novak said that exports have been declining since July, so the decline under voluntary commitments is counted from the level in June.

"We started reducing deliveries to export markets back in July. (...) So, [the reduction in September] will be based on June, because the reduction had already started in July," Novak said.

"We are providing [a reduction in shipments] as compared to those previous months," the Deputy Prime Minister emphasized, commenting on whether there will be an increase in September compared to August.

He also said that in August Russia fulfilled its obligations to reduce oil production.

Novak said later that the average level in May-June would serve as the basis for the reduction in supplies to international markets.

For the first time, Russia announced a voluntary 500,000 bpd reduction in shipments to the world market starting August 1. In September, it was decided to reduce shipments by 300,000 bpd.