Saudi Arabia said early on Wednesday it would continue cutting an extra 1 million barrels per day (bpd) from its crude oil production in November and December, and Russia said in a separate statement it would continue to reduce oil exports by 300,000 bpd until the end of the year.
The OPEC+ panel reviewing the oil market ended a brief meeting on Wednesday without recommending any changes to the current oil production policy, hours after Saudi Arabia and Russia said in separate statements they would stick to their respective voluntary supply cuts by the end of the year.
“This voluntary cut decision will be reviewed next month to consider deepening the cut or increasing production,” Saudi Arabia said.
Both Saudi Arabia and Russia reiterated today that the ongoing oil supply cuts are aimed at keeping “stability and balance on the oil markets.”
After two weeks of rally, oil prices succumbed this week to the wider market sell-off amid fears of higher-for-longer interest rates, with Brent Crude prices dipping at around $85 per barrel and WTI Crude at around $83 a barrel on Thursday.