Russia extends the voluntary cut in its oil exports until the end of the year

Two separate statements by the Saudis and the Russians today caused oil prices to rise.

Russian Deputy Prime Minister Aleksandr Novak stated that his country has extended the voluntary cut in oil exports of 300,000 barrels per day until the end of the year.

The price of a barrel of Brent oil rose 1.3 percent to more than $90.

Novak, in a statement to reporters in the capital, Moscow, made assessments of Russia’s oil exports.

Noting that his country’s cut in oil exports will continue, Novak said: “The voluntary cut in oil exports of 300,000 barrels per day has been extended until the end of the year.

This decision aims to strengthen the precautionary measures taken by the OPEC+ countries to maintain stability and balance in the oil markets.

SAUDIS EXTENDED UNTIL THE END OF THE YEAR

Novak said Russia’s voluntary reduction in oil supply will now be evaluated every month and they will decide to reduce or increase supply depending on conditions.

Russia had cut its oil exports by 500,000 barrels a day in August and by 300,000 barrels a day in September.

In a statement made today by Saudi Arabia, it was reported that the voluntary cut in the country’s oil production of 1 million barrels per day has been extended until the end of the year. (AA)