SAUDI Arabia said on Monday it was extending a voluntary oil production cut of one million barrels per day, and Russia said it was slashing exports by 500,000 bpd.
The moves were the latest attempts by major producers to stabilise markets rocked by factors including continued fallout from the Russian invasion of Ukraine and China’s faltering economic recovery.
The cut by Saudi Arabia, the world’s biggest crude exporter, was first announced after a June meeting of oil producers and took effect at the weekend.
Saudi Energy Minister Prince Abdulaziz bin Salman noted at the time that it was “extendable”.
In a report on Monday announcing that the cut would continue through August, the official Saudi Press Agency said it “can be extended” further, citing an energy ministry source.
“The source confirmed that this additional voluntary cut comes to reinforce the precautionary efforts made by OPEC+ countries with the aim of supporting the stability and balance of oil markets,” SPA said.
