A Russian-Saudi decision to extend oil production cut within OPEC+

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Russian Deputy Prime Minister Alexander Novak announced on Tuesday, that Russia will extend the voluntary cut in oil exports by 300,000 barrels per day until the end of 2023.

Novak indicated that there is a monthly review that will be conducted to review the decision on increasing the reduction or increasing production, based on the conditions in global markets.

This additional cut comes as an addition to the voluntary cut announced by Russia last April, which will continue until the end of December 2024.

This decision reinforces the precautionary efforts of the OPEC + countries with the aim of supporting the stability of oil markets and achieving a balance in supplies.

This announcement comes in a similar context to the decision of the Kingdom of Saudi Arabia to extend the voluntary reduction of oil production by one million barrels per day for an additional three months, starting from July 2023, which leads to reducing the Saudi production in the coming months of October, November and December to approximately 9 million barrels per day.

This decision will be reviewed monthly to consider increasing the reduction or increasing production, as part of the precautionary efforts of OPEC + countries to support the stability of oil markets and achieve a balance in supplies.

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