Saudi Arabia, Russia intensify oil supply cuts
Wednesday, July 12, 2023
Saudi Arabia and Russia, the world’s biggest oil exporters, will make additional oil supply cuts through the end of August, according to Oil & Gas Journal.
Saudi Arabia will prolong its voluntary production reduction of 1 million b/d through August and may potentially the reduction even further. It has originally committed to reduce its oil output by 1 million b/d for the month of July at the beginning of June.
Following Saudi Arabia’s decision, Russia announced it would cut its oil exports by 500,000 b/d during the month of August.
Learn more: Oil & Gas Journal > Saudi Arabia, Russia to make additional oil supply cuts
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