Russia will continue to cut oil exports and production in Saudi Arabia until the end of 2023, it said on Tuesday, as oil prices rose to a ten-month high, AFP reported.

Thus, both countries maintain their strategy of supporting oil prices.

Saudi Arabia will continue to cut production by one million barrels per day (b/d) in October-December 2023, its energy ministry said in a statement.

The cuts by the world’s leading crude oil exporter were announced in June after the OPEC+ meeting and first took effect in July.

OPEC+ unites members of the Organization of Petroleum Producers (OPEC), led by Saudi Arabia, and allied states, including Russia.

“The kingdom’s production for October, November and December will be approximately nine million barrels per day,” the ministry of Saudi Arabia said.

According to the ministry, this strategy “will be reviewed on a monthly basis with a view to further reducing or increasing production.”

This policy is aimed at “maintaining the stability and balance of oil markets,” he added.

Riyadh announced an extension until September, warning that it could be “tougher” after that deadline.

Precautionary measures,” Moscow reports

On Tuesday, Russia also announced its decision to maintain a reduction in oil exports by 300,000 barrels per day until the end of the year.

This measure “is designed to strengthen the precautionary measures taken by the OPEC countries to maintain the stability and balance of the oil markets,” the Deputy Prime Minister of the Russian Federation, responsible for energy Oleksandr Novak, said in the Telegram account of the Russian government.

After these announcements, the price of Brent oil exceeded the symbolic threshold of $90 per barrel for the first time since November 2022.

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