Both Russia and Saudi Arabia said their cuts would be reviewed next month to consider extending, deepening or increasing it
Top oil exporters Saudi Arabia and Russia confirmed on Sunday they would continue with their additional voluntary oil output cuts until the end of the year as concerns over demand and economic growth continue to weigh on crude markets.
Saudi Arabia confirmed it would continue with its additional voluntary cut of 1 million barrels per day translating into a production of around 9 million bpd for December, a source at the ministry of energy said in a statement. Following the Saudi statement, Moscow also announced it would continue its additional voluntary supply cut of 300,000 bpd from its crude oil and petroleum product exports until the end of December.
Oil hit a 2023 high in September at near $98 a barrel for Brent crude, although it has since weakened to trade around $85 a barrel on Friday, despite support from the conflict in the Middle East.
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