Riyadh and Moscow, pillars of the OPEC+ alliance of oil-exporting countries, announced on Sunday the extension of their voluntary production cuts until mid-2024.
In both Riyadh and Moscow's cases, these measures are in addition to the 500,000 bpd reduction announced in April 2023 © Mena Today
Riyadh and Moscow, pillars of the OPEC+ alliance of oil-exporting countries, announced on Sunday the extension of their voluntary production cuts until mid-2024 in an effort to support oil prices. Saudi Arabia will continue to reduce its production by one million barrels per day (bpd) for the period from April to June, as announced by its Ministry of Energy, cited by the official Saudi Press Agency (SPA).
Russia also reported an extension of the reduction by 471,000 bpd, covering both production and exports. Despite a smaller share in the federal budget than before the conflict in Ukraine, revenue from hydrocarbon sales remains essential for Moscow as its economic activity focuses on the war effort to support its military assault on its neighbor.
In both Riyadh and Moscow's cases, these measures are in addition to the 500,000 bpd reduction announced in April 2023, which runs until the end of 2024.
Other members of the alliance, such as Kuwait, are also expected to extend their cuts, albeit to a lesser extent. This coordinated strategy was unveiled in spring 2023 for a total of 1.6 million bpd, before being reinforced by additional efforts from Moscow and Riyadh.
Yemen's Iran-aligned Houthi militants fired on Saudi oil installations in two ports on the Red Sea coast on Saturday, but the United States held back from launching air strikes on Iran itself for the first night in two weeks.
Yemen is edging towards the resumption of a more than decade-old frozen conflict, Yemeni officials, Western diplomats and analysts say, as attacks on Saudi infrastructure and shipping by Iran-aligned Houthis test the patience of the kingdom and the Yemeni government forces it backs.
Four Palestinians and two Israeli soldiers were killed near a Palestinian village on Friday in a confrontation that added to a growing toll over recent weeks as Israeli settler violence has intensified against Palestinians in the occupied West Bank.
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