The world’s two largest oil producers, Saudi Arabia and Russia, have officially announced the extension of their production cuts and export restrictions until the end of this year.
Analysts say that oil prices can be expected to rise further due to limited supply and rising demand.
The decision was announced by the two main OPEC Plus countries, Saudi Arabia and Russia, as the organization’s oil ministers were about to join an online meeting.
Saudi Arabia announced that it will continue to implement the 1 million barrels per day cut, and is expected to produce only 09 million barrels per day in November and December.
Russian Deputy Prime Minister Alexander Novak stated that Russia will cut production by 500,000 barrels of oil per day and the cut will be effective until the end of the year.
Russia is also implementing an export cut of 03 lakh barrels of oil per day.
The Russian Deputy Prime Minister said that the limit will be implemented until the end of the year.
However, Russia’s seaborne crude exports rose to 3.72 million barrels per day in the week to Oct. 1, marking a 24% increase from the previous week, the highest growth in a week, Bloomberg Business reported. mentioned.