Russia, Saudi Arabia to Sustain Oil Cut Till Year End 

Saudi Arabia and Russia have confirmed their position to sustain oil production cut till the end of 2023.

However, both countries said, they are going to continue their voluntary oil output cuts through the end of the year, because of the ongoing concerns over demand and growth that are still weighing on crude markets.

The Russia-Saudi collaboration that grew out of an agreement in late 2016 to pull several other exporters, but most notably Russia, closer to the Organization of the Petroleum Exporting Countries(OPEC), has been maintained for several years now – and it has restricted supply to effectively keep prices higher.

However, demand and overall world supply has been just offset enough that oil prices remain in the $80-to-$90 a barrel range, rather than at a more elevated level.

Saudi Arabia confirmed it would continue its additional voluntary cut of 1 million barrels per day (bpd), while Russia is maintaining its 300,000 bpd cut too.