Saudi Arabia, Russia to extend voluntary oil cut

Ahram Online , Thursday 30 Nov 2023

Saudi Arabia and Russia announced separately on Thursday that they will voluntarily cut their oil production.

Khurais oil field
File Photo: A photographer takes pictures of the Khurais oil field, 150 km east-northeast of Riyadh, Saudi Arabia. AP

 

Saudi Arabia announced it would extend its voluntary oil production cut of one million barrels per day "until the end of the first quarter of 2024", according to a statement.

Riyadh has implemented the cut since July, bearing the brunt of the production cuts to support prices.

On the other hand, Russia said on Thursday it would deepen its voluntary oil production cut to 500,000 barrels per day and extend it until the end of the first quarter of 2024.

The extra cuts are intended to "maintain stability and balance in the oil market," Deputy Prime Minister Alexander Novak said in a statement following a meeting of OPEC+ ministers.

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