Saudi Arabia and Russia respectively announce new measures to reduce oil production
On September 5th local time, according to the Saudi Ministry of Energy, Saudi Arabia announced the extension of its daily oil production reduction measures of 1 million barrels until the end of 2023.
On April 2nd this year, Saudi Arabia announced a daily reduction of 500000 barrels of oil production from May to the end of the year. On June 4th, Saudi Arabia announced again after the 35th OPEC+ministerial meeting that it will reduce daily production by an additional 1 million barrels in July, which has been extended multiple times since then. After two production cuts, Saudi Arabia's daily crude oil production has decreased to around 9 million barrels since July this year.
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Deputy Prime Minister of Russia: Russia will reduce daily oil exports by 300000 barrels
On September 5th local time, Russian Deputy Prime Minister Novak stated that Russia will voluntarily reduce its daily oil exports by 300000 barrels to the global market until the end of 2023.
Novak stated that this measure is a supplement to the previously announced oil production reduction decision and is aimed at strengthening the "OPEC+" countries composed of OPEC member states and non OPEC oil producing countries to promote stability and balance in the international oil market. The Russian side will review the decision to voluntarily reduce oil production on a monthly basis, in order to take measures to reduce or increase production based on the actual situation in the international market.