Russia's exports of oil and oil products will fall by more than 300,000 barrels per day (bpd) in November compared to the average for the May-June period, the Russian Energy Ministry announced on Friday.
The country has already reduced its oil production by 500,000 barrels per day in April and oil exports by 300,000 barrels per day in September.
According to a statement made by the Russian Ministry of Energy, the country has limited its supply of oil and petroleum products to ensure market stability.
The statement further emphasized that Russia remains completely committed to the voluntary action undertaken by the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC oil-producing nations, known as the OPEC+ group.
However, Russian supplies of oil and petroleum products, including storage, to the domestic market have increased.
Reporting by Emre Gürkan Abay in Moscow
Writing by Duygu Alhan