Has KSA reached his peak oil?

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Saudi Arabia, Russia extend voluntary oil cuts to year-end, markets jump

Saudi Arabia and Russia on Tuesday said they would extend voluntary oil cuts to the end of the year, despite a rally in the oil market and analyst expectations of tight supply in the fourth quarter.

www.reuters.com

 

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Saudi Arabia and Russia extend oil supply cuts
4 Oct, 2023 16:39
The move by the OPEC+ leaders is aimed at rebalancing the market

Saudi Arabia and Russia announced on Wednesday the extension of their voluntary oil output and export cuts until the end of the year, as tightening supply and rising demand drive oil prices up.

The two countries, which are the leaders of the OPEC+ group of major oil producers, made announcements in separate official statements hours before a ministerial monitoring panel of the group was due to convene online.

Riyadh said it would continue to cut its crude output by 1 million barrels per day (bpd). Production for November and December will amount to approximately 9 million bpd, the Saudi Ministry of Energy said in a statement.

“This voluntary cut decision will be reviewed next month to consider deepening the cut or increasing production,” the ministry said.

Saudi Arabia and Russia extend oil supply cuts

Moscow and Riyadh will continue to slash oil output for the remainder of this year to stabilize the global market, official statements say

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