Saudi Arabia and Russia were Thanked for Cutting Oil Production
The OPEC+ Monitoring Committee expressed gratitude to Saudi Arabia for extending the voluntary cut in oil production by 1 million barrels per day in September, and to Russia for the voluntary cut in exports by 300,000 barrels per day, the communiqué says.
“The Committee also expressed its recognition and support for Saudi Arabia’s efforts to maintain stability in the oil market and reiterated its appreciation to the Kingdom for an additional 1 million bpd of voluntary production cuts and for extending it through September,” the communiqué said.
“The Committee also expressed its appreciation to the Russian Federation for an additional 300,000 barrels per day of voluntary export cuts in September,” the communiqué also said.
The day before, Saudi Arabia said it was extending its 1 million bpd cut in over-quota production, which began in July, into September. Russia, in turn, announced that it would continue its voluntary reduction in oil exports in the first month of autumn, but will reduce the volume of cuts from 500,000 to 300,000 barrels per day.
As part of its deal, OPEC+ is cutting oil production by 2 million barrels per day until the end of 2023. At its last ministerial meeting in June, the alliance announced that it would reduce oil production by about 1.4 million bpd from 2024.
