Saudi Arabia and Russia on September 5 said they would extend voluntary oil cuts until the end of the year, continuing their campaign to bolster prices. The Saudi production cut of 1 million barrels per day, which first took effect in July, will continue "until the end of December 2023," the kingdom's Energy Ministry said in a statement. Russia's export cut of 300,000 bpd will continue for the same period, Deputy Prime Minister Aleksandr Novak said in a separate statement. Saudi Arabia first announced its cut in June after a meeting of the 23-nation OPEC+ alliance, which includes Russia.
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