Plan of KSA and Russia to raise the price of oil!
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| Russia & Saudi Arabia continue to voluntarily reduce oil |
Russian Deputy Prime Minister Alexander Novak said on Sunday that his country will continue to reduce additional voluntary supplies by 300,000 barrels per day from its exports of crude oil and petroleum products until the end of December 2023, as previously announced.
Russia agreed to make two separate cuts in oil supplies, as it decided in April to reduce crude production by 500,000 barrels per day until the end of 2024, while it announced in August that it would reduce exports by 300,000 barrels per day until the end of 2023.
Novak added that Russia will study next month whether to increase the size of the voluntary export reduction or raise production.
In the same context, an official source in the Saudi Ministry of Energy announced the continuation of the voluntary reduction of one million barrels per day, which began to be implemented in July 2023 and was extended until the end of December 2023, and the Kingdom’s production will be in December. approximately 9 million barrels per day.
The source indicated that the decision on this reduction will be reviewed next month, to consider extending the reduction, increasing the reduction, or increasing production, according to SPA.
The source also explained that this reduction is in addition to the voluntary reduction that the Kingdom previously announced in April 2023, which extends until the end of December 2024.
The source confirmed that this additional voluntary reduction strengthens the precautionary efforts made by OPEC Plus countries with the aim of supporting the stability and balance of oil markets.