Saudi Arabia and Russia have announced that they will extend their voluntary oil cuts until the end of 2023. Saudi Arabia will extend its voluntary oil output cut of 1 mb/d until December 2023, and is expected to continue producing 9 mb/d between October and December 2023. Russia, for its part, has decided to extend its voluntary reduction in oil exports by 300 kb/d until the end of the year.
In early August 2023, the two countries had already announced their intention to expand their oil export and production cuts to include the month of September 2023. Russia has reduced its oil exports cut from 500 kb/d in August 2023 to 300 kb/d in September.
These voluntary cuts are taken on top of the April 2023 cut agreed by several OPEC+ producers, which extends to the end of 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.
Interested in Global Energy Research?
Enerdata's premium online information service provides up-to-date market reports on 110+ countries. The reports include valuable market data and analysis as well as a daily newsfeed, curated by our energy analysts, on the oil, gas, coal and power markets.
This user-friendly tool gives you the essentials about the domestic markets of your concern, including market structure, organisation, actors, projects and business perspectives.