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Published 3 months ago

Saudi Arabia extends cut in oil it sends to the world in bid to boost prices

  • OPEC+ members, including Saudi Arabia and Russia, have agreed to extend voluntary oil production cuts of up to 2 million barrels per day in early 2024. Saudi Arabia will maintain its voluntary cut of 1 million bpd until the first quarter of next year.
  • There are concerns about oversupply and a weakening global economy, which have kept oil prices in the low- to mid-$80 range. Russia seeks more oil revenue due to Western sanctions, while Saudi Arabia needs nearly $86 per barrel to meet spending goals.
  • OPEC+ faces challenges in reaching a consensus on production cuts. The question is how to divide the cuts among the 23 member countries, some of which have already accepted lower production targets. Compliance and the global oil balance remain important factors.
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