In line with Russia’s statement, Saudi Arabia also decided to extend a voluntary cut in oil production of 1 million barrels per day until August.
The aggressor country Russia, in addition to previously announced cuts in oil production, will reduce its supply by another 500,000 barrels per day (bpd). This was said by the Deputy Prime Minister of the Russian Federation Alexander Novak, according to Russian media on Monday, July 3.
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“As part of efforts to ensure market balance, Russia will voluntarily reduce supplies to oil markets by 500 thousand barrels per day in August due to a reduction in exports of the specified amount,” he said. .
Recall that Russia previously decided to voluntarily reduce oil production by 500 thousand b/d from February’s average amount in March. Then the production reduction period was extended until June inclusive, and then this decision was extended until the end of the year. The new decision is about exports, not production.
In line with Russia’s statement, Saudi Arabia also decided to extend until August a voluntary cut in oil production of 1 million b/d, originally planned for July. In August, as in July, the volume of oil production in Saudi Arabia will reach 9 million bpd. The report states that this voluntary reduction is in addition to the earlier decision to reduce production by 500,000 bpd and may be extended for a longer period.
Meanwhile, the increase in oil prices was moderate. From the beginning of the trading session, the Brent brand increased in price by 0.89% – up to 76.08 dollars, while the WTI mark added 1.06% – 71.39 dollars.
It will be remembered that on June 4, OPEC + countries agreed to reduce oil production until the end of 2024. At the same time, from the beginning, the reduction in production from the following year from the level of quotas agreed upon in October 2022 could reach 1.393 million bpd.
Then the White House called the decision of the OPEC + countries “stupid” because of the uncertainty in the market.
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Source: korrespondent
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