2023-09-05 13:51:36
Saudi Arabia will extend its voluntary oil production cuts for another three months in a bid to shore up fragile global markets. Russia will also continue to cut crude oil exports for the same period.
According to the state-run Saudi Press Agency (SPA), Saudi Arabia will continue its voluntary production cut of 1 million barrels per day until December. Oil production will drop to regarding 9 million barrels per day, the lowest level in seven years. Russia will also continue to cut exports by 300,000 barrels per day for the rest of the year.
Saudi Arabia Extends Voluntary Production Cuts by Another Month; Russia Continues to Cut Crude Oil Exports (1)
Saudi Arabia’s decision beat market expectations, with 20 out of 25 respondents to a Bloomberg survey of traders and analysts last week saying they expect the country to extend its voluntary cuts by another month.
North Sea Brent crude rose to $90 a barrel for the first time since November last year, following moves by major members of the Organization of the Petroleum Exporting Countries (OPEC) and non-member oil producers OPEC+.
Original title:Saudis Prolong 1 Million Barrel Oil Output Cut for 3 Months (1)(excerpt),Brent Oil Hits $90 a Barrel After OPEC+ Extends Supply Curbs(excerpt)
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