Russia and Saudi Arabia have announced an extension to their oil export and production cuts to include the month of September 2023. The Russian Government will voluntarily cut its oil exports by 300 kb/d in September 2023. The newly announced cut in oil exports is lower than in the previous month, as Russia announced a voluntary reduction of exports by 500 kb/d for August 2023. Russia has already pledged to reduce its oil output by around 500 kb/d, or some 5% of its oil production, from March until August 2023.
As for Saudi Arabia, the kingdom will extend its voluntary cut of oil production by 1 mbl/d to September 2023, planning to produce 9 mbl/d during this month. This cut will be in addition to the voluntary cut of 500 kb/d previously announced in April 2023, which will extend through 2024.
In early June 2023, OPEC+ agreed to extend oil production cuts of 3.66 mb/d until December 2024, including 2 mb/d agreed in 2022 and voluntary cuts of 1.66 mb/d agreed in April 2023.
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