Saudi Arabia is extending its voluntary cut of 1 million barrels per day
Russia will slash exports by 500,000 barrels, with other members to make smaller cuts
Major producer Brazil has been invited to join the group from next year
Riyadh announced it would extend its voluntary oil production cut of 1 million barrels per day until March 2024.
Moscow said it would slash oil exports by 500,000 barrels a day – up from 300,000 barrels a day so far – until March.
Since the end of 2022, the alliance has implemented supply cuts of about 5 million barrels per day (bpd).
On the supply side, crude production in the US and Brazil reached record levels, triggering what some analysts called a shift in the balance of power.
Source: Agence France-Presse
https://www.scmp.com/news/world/middle- ... ff6cb18c4a
