Russia and Saudi Arabia have confirmed that they will maintain additional cuts in their oil supply over the coming months and until the end of 2023, as reported by the governments of both countries, noting that they will soon analyze the need to deepen the cuts or increase supply.
In statements to the press, Russian Deputy Prime Minister Alexander Novak indicated that the country “will continue until the end of December 2023 with an additional voluntary reduction of 300,000 barrels per day of supply to world markets, which came into effect in September and October 2023″.
“Next month a market analysis will be carried out to make a decision on whether to deepen the adjustment or increase oil production,” he emphasized.
This cut in Russian crude oil exports is an additional measure to the voluntary reduction in production by half a million barrels per day announced last April, which will extend until the end of 2024.
For its part, according to the official Saudi agency SPA, sources from the Government of the Ministry of Energy of Saudi Arabia confirmed that the Kingdom will continue with its voluntary cut of one million barrels per day, which came into effect in July 2023 and was later extended. until the end of December 2023.
Thus, Saudi Arabia’s oil production in the coming months of November and December will be around 9 million barrels per day.
In this sense, as in the case of Russia, the Saudi Government plans to review its decision next month to consider whether it is necessary to deepen the cut or increase production.
The sources consulted indicated that this cut is in addition to the voluntary adjustment previously announced in April 2023, which extends until the end of December 2024, adding that “it comes to reinforce the precautionary efforts made by the OPEC+ countries with the aim of supporting the stability and balance of the oil markets.”
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