Saudi Arabia extends the voluntary reduction of oil production by 1 million barrels per day until the end of 2023. The actual level of oil production in the country will remain at the level of 9 million barrels per day until the end of this year. This is in addition to the previously announced reduction in production by 500 thousand barrels per day, which will last until the end of 2024. This measure is taken in order to maintain stability and balance in the world oil markets. The voluntary reduction of oil production will be reviewed monthly, and there is a possibility of both increasing and reducing production volumes, depending on the current market situation, the Saudis noted. In addition, Russia also announced today that it intends to extend the voluntary reduction of oil supplies to world markets by 300 thousand b/d until the end of this year – in addition to the 500 thousand b/d reduction in oil production announced in April, which will last until the end of 2024. After the appearance of this news, Brent oil quotes jumped to the level of $90.75 – for the first time this year.
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