Oil prices rose this Tuesday 5th, due to the announcements of the maintenance of cuts in production and exports made by Russia and Saudi Arabia, the largest exporters of crude oil in the world.
According to information from CNN, the price of Brent oil, an international reference, rose 1.8% and is trading above 90 dollars per barrel, while West Texas Intermediate (WTI), a reference in the United States, rose by a similar margin. and reached 87 dollars per barrel.
Russia announced yesterday that it will extend, until the end of this year, the additional voluntary reduction of 300 thousand barrels per day in its oil exports.
“Russia will extend, until the end of December 2023, the additional voluntary reduction of 300,000 barrels per day of its oil supplies to world markets,” declared Russian Deputy Prime Minister Alexander Novak, quoted by the news agency Russian official news Tass.
Novak explained that the decision to extend the cut in oil exports until the end of the year “aims to reinforce the preventive measures taken by the OPEC+ countries [Organization of Petroleum Exporting Countries, plus Russia] to maintain balance and stability in the markets”.
reduction of Russia
In March, Russia began a voluntary reduction in oil production of 500 thousand barrels per day compared to the February average.
The validity period of this reduction was extended several times, first until June and then until August.
The measure, which is intended to support oil prices, was extended in April until the end of 2023 and, finally, in June until the end of 2024.
Furthermore, in August, Russia reduced its oil exports by 500,000 barrels per day, a number that has fallen to 300,000 barrels per day since the beginning of this month.
Saudi Arabia had announced the extension of its voluntary cut of 1 million barrels of oil per day until the end of December.
Thus, Saudi production in September will be around 9 million barrels of crude oil per day.
