Novak: Russia's export reduction includes both oil and petroleum products
MOSCOW. Oct 12 (Interfax) - Russia is reducing supplies to foreign markets of not only oil, but also petroleum products as part of its voluntary export reduction, Deputy Prime Minister Alexander Novak told reporters on the sidelines of Russian Energy Week.
"When we talk about the oil market and production, oil is extracted and then sent for refining. So of course, everything is considered together. The end product, of course, takes the volumes that are produced into account," Novak said, when asked whether petroleum products are included in the oil export reduction.
Russia first began voluntarily reducing oil supplies to the global market by 500,000 bpd on August 1, and then decided in September to cut supplies by 300,000 bpd and extend the measure until the end of the year. According to Novak, the average level of exports in May-June is the baseline for the reduction.