#opec plus

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⛽🛢️OPEC+ ANNOUNCES OIL PRODUCTION CUT EXTENSION THROUGH THE END OF THE YEAR

In separate statements on Wednesday, Saudi Arabia and Russia both announced the extension of OPEC+ production cuts through the end of the year.

The Saudi Ministry of Energy announced they would continue to cut oil output by 1 million barrels per day, as per the policy instituted July 2023.

Together, the months of November and December will see the production of approximately 9 million barrels per day.

"this additional voluntary cut comes to reinforce the precautionary efforts made by the OPEC Plus countries," the statement read.

The Saudi Ministry of Energy agreed to revisit the policy of production cuts in one month's time.

At the same time in a separate statement, Russian Deputy Prime Minister Alexander Novak said Russia would "continue additional voluntary supply cuts of 300,000 barrels per day from its exports to global markets, which has gone into implementation in September and October 2023."

Novak said the policy would be revisited in one month's time to see if further production cuts are necessary, or whether the Russian Federation will increase production at that time.

Deputy Prime Minister Novak further said the production cuts "reinforce the precautionary efforts made by OPEC Plus countries with the aim of supporting the stability and balance of oil markets."

OPEC+ is the Organization of the Petroleum Exporting Countries and comprises 13 members plus 10 more countries which voluntarily follow OPEC policies.

OPEC+ announced last October they cut oil output by a collective 2% from global demand from last November through the end of 2023. OPEC+ later agreed to extend production cuts through 2024.

Global oil prices have risen especially sharply since Russia and Saudi Arabia announced further cuts in July, with oil trading at $76 a barrel at the time. And although the US and its allies have been flooding markets with oil reserves since cuts were first announced in October 2022, those reserves are now largely empty and prices have risen once more, now trading at $89 per barrel.

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