On Sunday, Saudi Arabia and Russia, the world’s largest oil exporters, they said which will confirm the cuts to their oil production already started this year until at least the end of 2023. The objective is to avoid a drop in the price of oil: after the summer cuts, in September the price of oil had risen to almost 98 dollars per barrel, before falling again to $85 per barrel last Friday.
OPEC+, the world’s largest organization of oil-producing countries, of which Saudi Arabia is the de facto leader, has been decreasing production since the start of the year in what it says is a pre-emptive action to maintain stability of the market and avoid a further decline in the price of oil. Saudi Arabia said it will continue to produce 1 million barrels a day less than in 2022, thus producing about 9 million a day until the end of the year.
Russia also issued a statement in which it said it had renewed its decision to reduce its oil exports by 300 thousand barrels per day until the end of December. In September Russia had stopped most of its petrol and diesel exports also to put pressure on Western countries and induce them to eliminate some sanctions imposed after the invasion of Ukraine.
2023-11-06 06:43:09
#Saudi #Arabia #Russia #continue #cuts #oil #production #year #Post
