2023-09-05 13:49:21
Saudi Arabia announced, on Tuesday, that it will extend its voluntary oil production cut of one million barrels per day for another three months, until the end of December 2023.
According to what was published by the official news agency, the voluntary cut decision will be reviewed monthly to consider increasing the cut or boosting production.
Immediately after announcing the decision to extend the cut, Brent crude exceeded $90 a barrel for the first time since November 2022.
Russia also kept reducing its oil exports at a rate of 300,000 barrels per day until the end of 2023, according to what the Russian Deputy Prime Minister announced, in parallel with the Saudi announcement.
Alexander Novak said on the Russian government’s Telegram account that “Russia will extend the voluntary reduction … of oil shipments to global markets at a rate of 300,000 barrels per day until the end of December 2023.”
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