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The price of oil has crossed the psychological threshold

The price of oil has crossed the psychological threshold

Photo: Sovcomflot

Saudi Arabia and Russia have decided to extend their voluntary oil production cuts until the end of 2023.

World oil prices rose sharply on news from Saudi Arabia and Russia to continue voluntary production cuts until the end of 2023. This was learned on Tuesday, September 5.

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Thus, Brent oil for November delivery on London’s ICE Futures exchange rose today by another $2.11 (+2.37%) to $91.11 per barrel. The $90 psychological milestone was filed for the first time since November 18, 2022.

Accordingly, WTI crude futures for October delivery on the New York Mercantile Exchange rose $2.45 (+2.86%) to $88.00 a barrel.

Today it became known that Saudi Arabia will continue a voluntary reduction in oil production of 1 million b / d until the end of 2023. This was reported by the kingdom’s state agency, citing an official source in the Ministry of Energy.

Actual oil production levels in Saudi Arabia are expected to reach 9 million barrels per day by the end of this year, the report said.

“The voluntary decision to reduce oil production will be reviewed monthly with the possibility of reducing or increasing production,” the statement said.

This reduction is in addition to the 500,000 b/d production cut announced in April, which will last until the end of 2024.

According to the interlocutor of the kingdom’s state agency, these measures are designed to strengthen the measures taken by OPEC + to maintain stability and balance in the oil markets.

In this regard, Russia decided to extend the voluntary reduction in oil supplies by 300 thousand barrels per day, previously adopted for September, until the end of 2023. This was announced by the Deputy Prime Minister of the Russian Federation Alexander Novak.

It should be noted that in the first half of 2023, Russia’s oil and gas revenues fell by almost 50%. Currently, the Russian Federation is trying to stimulate the growth of oil prices.

In particular, in early July, the aggressor country announced a reduction in oil exports to foreign markets.

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Source: korrespondent

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