Saudi Arabia is extending its 1mn b/d additional voluntary production cuts through to the end of 2023 in a move that looks set to sustain prices for the remainder of the year. An extension into October had been widely expected, but Riyadh unveiled a mini-surprise on 5 September in announcing a three-month extension to the end of December.
The announcement was made in concert with Russia, which confirmed the extension of its own 300,000 b/d export cuts to year-end. The move is clearly intended to demonstrate the continued alignment of the two largest Opec+ producers. (CONTINUED - 1049 WORDS)