Saudi extends oil production cut as Russia reduces exports
- Date: 04-Jul-2023
- Source: Jordan Times
- Sector:Oil & Gas
- Country:Saudi Arabia
Saudi extends oil production cut as Russia reduces exports
RIYADH — Saudi Arabia said on Monday it was extending a voluntary oil production cut and Russia said it was slashing exports, as major producers tried to prop up slumping prices.
The cut by Riyadh of 1 million barrels per day was first announced after a June meeting of oil producers and took effect at the weekend.
Saudi Energy Minister Prince Abdulaziz bin Salman noted at the time that it was "extendable".