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Oil jumps as Saudi Arabia, Russia extend supply cuts to end-2023

Riyadh's decision to extend its one million bpd voluntary cut will be reviewed monthly

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Photo: Reuters

By Reuters

Published: Tue 5 Sep 2023, 5:38 PM

Last updated: Tue 5 Sep 2023, 7:11 PM

Oil prices jumped roughly 2% on Tuesday after Saudi Arabia and Russia announced a fresh extension to their voluntary supply cuts, stretching a combined 1.3 million barrel per day (bpd) reduction for another three months through December.

By 1323 GMT Brent crude futures for November were up $1.62, or about 1.8%, to $90.62 a barrel, while U.S. West Texas Intermediate crude (WTI) October futures rose $1.92, or about 2.2%, to $87.47 a barrel.

Riyadh's decision to extend its one million bpd voluntary cut will be reviewed monthly to consider whether to deepen the cut or increase production, state news agency SPA said on Tuesday.

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Saudi Arabia was widely expected to extend its voluntary oil cuts into October. Fellow OPEC+ member, Russia, also prolonged its voluntary cuts through the end of the year.

The world's second-largest oil exporter is reducing exports by 300,000 bpd for the period. It has been cutting output and exports in tandem with Saudi Arabia on top of existing OPEC+ supply reductions.

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Reuters

Published: Tue 5 Sep 2023, 5:38 PM

Last updated: Tue 5 Sep 2023, 7:11 PM

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