Saudi Arabia has agreed to extend the cut to its crude output by 1 million barrels per day for an additional 3 months, from October until the end of December. Soon after, Russia also announced it was extending its production cuts by 300,000 barrels a day. On the news, the price of WTI oil rose by more than 2% to 87.23 dollars a barrel.
Il Brent flies above the $90 threshold. Crude from the North Sea thus rose by 1.6% to 90.44 dollars a barrel, reaching its highest level since last November, while Texas WTI advanced by 2% to 87.26.
“This further voluntary cut reinforces the precautionary efforts made by OPEC+ countries with the aim of supporting the stability and balance of oil markets,” the Saudi Press Agency said.
Russia’s Tass news agency quoted Alexander Novak, Russia’s deputy prime minister and former energy minister, as saying Moscow would continue to cut 300,000 bpd.
The Saudi cut, which began in July, comes as other OPEC+ producers agreed to extend previous production cuts into next year.
2023-09-05 14:26:15
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