Saudi Arabia and Russia, two of the three largest black gold producing countries, have decided to reduce production again until the end of 2023. Riyadh operates a cut of one million barrels per day and Moscow of 300 000.
Saudi Arabia and Russia have once again decided to turn off the black gold tap a little more. Two of the world’s three largest producers thus announced reductions on September 5, until the end of the year, in their supply.
Riyadh, a member of OPEC (Organization of the Petroleum Exporting Countries), will continue to cut production by one million barrels per day (b/d) for “three more months”, from October to December 2023, a announced the Saudi Ministry of Energy. in a report. Thus, the Saudi authorities wish to maintain the course of support for the price of the barrel.
“The kingdom’s production for the months of October, November and December will be around nine million bpd,” the ministry said, following a cuts policy implemented since July.
A Russian-Saudi offer that could fall further
For his part, Alexander Novak, Russian Minister of Energy, indicated that Russia would extend “the additional voluntary reduction of its oil deliveries to world markets by 300,000 barrels per day until the end of December 2023”. . He further clarified that every month the decision could be reviewed depending on the situation of the world markets on whether production should be further reduced or increased.
Alexander Novak insists that this umpteenth drop “aims to reinforce the precautionary measures taken by the OPEC+ countries to maintain the stability and balance of the oil markets”.
Last July, Moscow and Riyadh had already announced a further drop in their production, which already followed that of June.
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