OIL: Earlier Novak Report Refers to Crude Exports

Bloomberg released an earlier report that Russia was to cut its crude ‘production’ by an additional 500,000 bpd in August to match previously announced 500,000 bpd ‘export’ cuts claiming it was in an updated statement from Russian Deputy PM Alexander Novak.

• Other outlets are reporting ONLY on an export cut of 500,000 bpd.
• Bloomberg wrote – “Russia plans to cut is crude production by an additional 500,000 b/d in August, to match export cuts for the same month that were announced earlier Monday, according to an updated statement from Deputy PM Alexander Novak.”
• Al Arayiba reported that Novak’s spokeswoman declined to comment on whether Russian oil output would also decline by the same amount.
• See short official line by Novak on the export cut below with nothing regarding production:
• http://government.ru/en/news/48920/