Russia and Saudi Arabia decide to continue cutting oil

While Saudi Arabia announced it would continue its voluntary oil production cut of one million barrels per day until the end of December, Russia made a similar statement.

Russian Deputy Prime Minister Aleksandr Novak said his country will review the decision to voluntarily cut oil production next month and will continue to cut oil exports.

Novak said: “Russia will continue its voluntary oil export cut of 300 thousand barrels per day, which came into effect in September and October, until the end of the year.”

RUSSIA WILL REVIEW PRODUCTION CUT

Novak noted that they will analyze Russia’s oil production next month and said: “The market will be analyzed next month to decide whether to increase or decrease the oil production cut. “This will be in addition to the voluntary cut that Russia previously announced in April 2023 and will last until the end of December 2024,” he said.

In April, Russia decided to reduce oil production by 500 thousand barrels per day until the end of 2024, and oil exports by 500 thousand barrels per day in August and 300 thousand barrels per day in September. (AA, REUTERS)