Saudi Arabia and Russia on September 5 said they would extend voluntary oil cuts until the end of the year, continuing their campaign to bolster prices. The Saudi production cut of 1 million barrels per day, which first took effect in July, will continue "until the end of December 2023," the kingdom's Energy Ministry said in a statement. Russia's export cut of 300,000 bpd will continue for the same period, Deputy Prime Minister Aleksandr Novak said in a separate statement. Saudi Arabia first announced its cut in June after a meeting of the 23-nation OPEC+ alliance, which includes Russia.
Saudi Arabia, Russia Extend Oil Cuts Through December
An oil tanker moored at the Sheskharis complex, part of Chernomortransneft JSC, a subsidiary of Transneft PJSC, in Novorossiysk, one of the largest facilities for oil and petroleum products in southern Russia.