Saudi and Russia extend oil cuts through December
- Date: 05-Sep-2023
- Source: Al-Monitor
- Sector:Oil & Gas
- Country:Saudi Arabia
Saudi and Russia extend oil cuts through December
Saudi Arabia and Russia said on Tuesday they would extend voluntary oil cuts until the end of the year, sending the price of Brent crude to a 10-month high.
The Saudi production cut of one million barrels per day which first took effect in July will continue "for another three months 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 Alexander Novak said in a separate statement.
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