Will Saudi Arabia Cut Oil Production by 800,000-900,000 bpd Instead of 1 Million bpd?
Russian energy expert Sergei Kolobanov has suggested that Saudi Arabia will cut oil production next October by 800,000-900,000 bpd instead of 1 million bpd.
“Saudi Arabia may continue to voluntarily reduce production, since a sharp increase in oil demand is not expected in the coming months,” Kolobanov added.
In early August, Moscow decided to extend the cut in oil production to include September next year, on the condition that oil exports fall by 300,000 barrels a day.
Saudi Arabia also announced at the same time that it would extend its production cut by one million barrels a day until September 2023 to keep the oil market stable.