Saudi Arabia announced on Monday that it would extend its voluntary crude output cut of one million barrels per day for another month, including August, while Russia simultaneously revealed a 500,000 barrel-per-day decline in exports next month. These cuts will account for 1.5% of global supply.
Speaking at the OPEC+ International Seminar in Vienna on Wednesday, Abdulaziz emphasized the deep cooperation between Saudi Arabia and Russia within the OPEC+ alliance. He pledged to do "whatever necessary" to support the oil market and expressed satisfaction with the validation received from the Russian side.
The Saudi energy minister underscored the significance of Russia's voluntary oil production cut, particularly its impact on exports. He highlighted that the move was not imposed but a voluntary contribution, demonstrating Russia's commitment. A thorough review of Russia's numbers was conducted with the participation of seven independent entities, further confirming the commitment to the agreed cut.
These recent production cuts supplement the voluntary reductions of 1.66 million barrels per day previously declared by some OPEC+ members in April, which were extended until the end of 2024. The OPEC+ group, which comprises the Organization of the Petroleum Exporting Countries and its allies, including Russia, has been reducing oil output since November 2022.