New data from the International  Energy Agency (IEA), shows Russia appears to be making good on its promise to slash its crude oil production output. Oil exports from Moscow have fallen to the lowest levels in two years, with revenues also falling, according to the data.

The data shows that shipments of crude and petroleum products from Russia have fallen in June by 600,000 barrels per day (bpd) to 7.3 million bpd, the lowest level since March of 2021. Export revenues fell by almost half last month to $11.8 billion, compared to $20.4 billion in June of 2022.

In its monthly Oil Market Report, the agency noted that Russian oil output may stay steady in August, due to a seasonal rise in demand in the domestic market, which would offset the promised production cuts.

In an interview with TASS news agency, a representative of Russia’s energy ministry said, “supplies would be lowered in addition to earlier assumed commitments on the voluntary production cut.”

Russia had pledged in February to cut its oil production voluntarily by 500,000 bpd beginning in March. The decision to do so was made in response to a series of price caps the West has attempted to impose of Russian sales of crude oil and petroleum products, which Russia has viewed as an unacceptable effort to interfere in free market trade.

Russia has since announced it will impose another production cut of 500,000 bpd beginning in August, after Saudi Arabia announced a similar cut in output in an effort to stabilize declining oil prices. Riyadh has pledged to extend a 1 million bpd cut in production for an additional month through August. The cuts amount to roughly 1.5% of global supply.