KSA extends voluntary oil production cut

Shafaq News / Saudi Arabia announced today, Tuesday, that it will extend its voluntary reduction in oil production by one million barrels per day for an additional three months, until the end of December 2023.

According to the official Saudi news agency, the decision to extend the voluntary cut will be subject to monthly reviews to assess the possibility of increasing the reduction or boosting production.

Following the announcement of the extension of the cut, Brent crude oil surpassed the $90 per barrel mark for the first time since November 2022.

In parallel, Russia has also maintained its oil export reduction of 300,000 barrels per day until the end of 2023, as confirmed by the Russian Deputy Prime Minister. This announcement by Russia coincided with Saudi Arabia's decision.

Alexander Novak, in a statement on the Russian government's Telegram account, stated, "Russia will extend the voluntary reduction in oil shipments to global markets at a rate of 300,000 barrels per day until the end of December 2023."