Saudi Arabia and Russia Confirm Continuation of Voluntary Oil Production Cuts

Russian Deputy Prime Minister Alexander Novak announced on Sunday that the country will continue to reduce voluntary additional supply by 300,000 barrels per day from its crude oil and petroleum product exports until the end of December 2023, as previously announced. Novak added that Russia will consider next month whether to increase the scale of the voluntary export cuts or to raise production. An official source in the Saudi Ministry of Energy told Reuters on Sunday that the kingdom will continue its voluntary reduction of one million barrels per day until the end of December. The statement also mentioned that a review of the cuts will take place next month to discuss extending, increasing, or raising production levels.