Saudi Arabia, Russia prolong oil output cut amid increasing demand
Date
10/5/2023 3:22:30 AM
(MENAFN) On Wednesday, Saudi Arabia and Russia jointly announced an extension of their voluntary oil production and export cuts until the year's end. These cuts are in response to the increasing demand for oil and the tightening supply, which has been pushing up oil prices.
Both Saudi Arabia and Russia, leaders within the OPEC+ group of major oil producers, issued separate official statements just hours before a ministerial monitoring panel from the group was scheduled to meet online.
According to the statement from the Saudi Ministry of Energy, Riyadh intends to maintain its reduction of crude output by 1 million barrels per day (bpd). This means that oil production for November and December will be around 9 million bpd.
“This voluntary cut decision will be reviewed next month to consider deepening the cut or increasing production,” the ministry declared.
Simultaneously, Russian Deputy Prime Minister Aleksandr Novak reiterated that Moscow is going to persist in reducing its oil exports by 300,000 bpd until the year's end. This is in addition to the prior reductions made in collaboration with other OPEC+ countries. Novak also mentioned that Russia plans to reevaluate this decision next month, following a market analysis.
MENAFN05102023000045015839ID1107194196
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.